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Saudi Arabia budget deficit swells on oil price fall

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    Oil revenue

    Oil prices have plunged from a five-year high of $125 a barrel in March 2012 to just $37.18 now.
    Saudi Arabia said that oil revenues, which make up 77% of the total revenue figure for 2015, are down 23% compared to last year.
    It is the largest member of the Opec oil-producing cartel and has refused to cut output in order to raise prices in an attempt to put other producers - mainly US shale oil companies - out of business.

    Full story:-
 
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