Saudi Cabinet Increases Oil Prices and Service Tariffs
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Oil prices have been raised in Saudi Arabia.

At the same time, the Saudi cabinet has also added tariffs on electricity, water and sanitation services.

Saudi officials have approved a national budget for the coming year with a deficit of 86 billion U.S. dollars.

In addition, the Saudi cabinet has also issued various decrees to regulate travel expenses for government officials.

Saudi Arabia, like the rest of the oil-producing world, has been hit hard by revenue shortfalls brought on by the record-low price of oil through this past year.

Brent Crude prices are hovering around 37-dollars a barrel right now.

While most analysts expect the prices to rise back up this coming year, Goldman Sachs is suggesting the price of Brent Crude could dip as low as 15-US dollars a barrel in 2016.

Author： 　　　Source：CRI　　　 Editor：Yang Fan