Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Sources to Al Mayadeen: Extending the snapback mechanism deadline will test how independent Europeans truly are from the US.
Sources to Al Mayadeen: Activating the snapback mechanism will nullify the Cairo Agreement, shut the door on cooperation between the IAEA and Tehran, and bar inspections.
Sources to Al Mayadeen: The diplomatic window remains open, but signs of activating the snapback sanctions mechanism on Iran are increasing.
Sources to Al Mayadeen: Although the Cairo Agreement meets an important part of European demands, they have begun speaking of new conditions in recent communications.
Sources to Al Mayadeen: European countries show no independence in their stance toward Iran during the talks.
Israeli occupation forces issued bombing threats to bomb civilian buildings in Southern Lebanon.
Israeli media: Person behind shooting operation at Allenby Crossing is a Jordanian Army soldier.
Israeli media citing Emergency Services: Both wounded in Allenby shooting operation now dead.
Israeli media: One soldier wounded at Allenby crossing now confirmed killed.
Israeli media: Preliminary reports of shooting operation at Allenby crossing with Jordan.

Saudi Arabia's foreign reserves dip to 14-year low

  • By Al Mayadeen English
  • Source: Agencies
  • 29 Aug 2023 15:46
2 Min Read

Riyadh risks running into a budget deficit as its oil revenue falls due to previous output slashes.

  • x
  • Saudi Arabi's foreign reserves dip to 14-year low
    Saudi national flag in the capital Riyadh on September 22, 2020. (AFP)

Saudi Arabia’s foreign reserves have fallen to $407 billion, their lowest in over a decade, as July's central bank reported a $16 billion drop in currency assets.

This comes after an increase in net foreign reserves for two months in a row during May and June. But the latest numbers revealed that these figures saw their sharpest decline since the pandemic - which resulted in negative oil demand - and hit their lowest volume since 2009.

Riyadh also slashed its oil output in the previous months, as part of the OPEC+ framework, leading to declining returns from crude sales. Oil revenue brought in nearly $326 billion in 2022, which helped the kingdom to recover from years of budget deficit. However, Saudi Arabia now faces the risk of diving into a negative budget again.

Related News

Oil prices rise on Russia supply fears and Fed policy outlook

India defies US pressure, set on buying Russian oil

"The net foreign asset position should improve in September, especially when the first performance-linked dividend distribution" arrives from state-owned oil giant Aramco, said Monica Malik, chief economist at Abu Dhabi Commercial Bank PJSC.

Aramco reported earlier a substantial drop in its net income for the first half of 2023. According to its financial report, the company recorded a nearly 30% decrease in its net income, amounting to $61.961 billion, as compared to the same period in the previous year.

"The decrease was primarily a result of lower crude oil prices and weakening refining and chemicals margins. This was partially offset by a decrease in production royalties, largely due to lower average effective royalty rate and lower crude oil prices, and higher finance and other income," the report read. 

In recent years, the oil-rich country has been recalibrating its investment approach, transitioning from the practice of piling up its foreign assets within the central bank. Instead, its investment strategy has pivoted towards pouring massive funds into the Public Investment Fund and the National Development Fund, amounting to hundreds of billions of dollars.

  • Oil
  • Oil prices
  • Aramco
  • Saudi Arabia
  • Crude oil

Most Read

Why is Choose Love using a firm with British and US intelligence connections to run a pro-Palestine musical event? (Al Mayadeen English; Illustrated by Batoul Chamas)

Together for Palestine: Troubling questions about the organisers of this huge event

  • Opinion
  • 17 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A Hezbollah supporter who lost his sight in a pager attack carried out by "Israel" on Sept. 17, 2024, covers his eyes with a red headband inscribed with the name "Hussein" during Ashoura, July 6, 2025 (AP)
Politics

'We Have Recovered': Lebanon marks 1st anniversary of Pager Attack

The Arab neighborhood of El Za'im, on the outskirts of east Occupied Al-Quds in the West Bank, near where Israeli government says housing units will be built as part of the E1 settlement project, Thursday, August 21, 2025. (AP Photo/Ohad Zwigenberg)
Palestine

'Israel’s' deliberate policies drive West Bank economy toward collapse

Ben & Jerry's ice cream shop, Wednesday, Feb. 26, 2025, in Cambridge, Mass. (AP Photo/Charles Krupa)
Politics

Ben & Jerry’s co-founder resigns over parent company curbing activism

Trump’s approval rating falls to new low in second term: Poll
US & Canada

Trump’s approval rating falls to new low in second term: Poll

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS