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
Al Mayadeen correspondent: Israeli drones are flying over the presidential palace in Baabda, Mount Lebanon, and over the skies of the capital, Beirut, and its suburbs.
Al Mayadeen's correspondent in South Lebanon: Israeli warplanes launch a series of raids on the al-Mahmoudiya and Jarmaq areas
Trump reiterates proposal for Russia and Ukraine to stop at current front line, negotiate later
Reuters: Trump says no discussion regarding Ukraine ceding Donbas to Russia
US Vice President JD Vance: There is currently no security infrastructure in place to ensure the disarmament of Hamas
Israeli occupation forces said that "ceasefire in Gaza begins to be re-implemented."
Israeli media: 'Israel' to halt entry of humanitarian aid into Gaza until further notice.
Al Mayadeen correspondent: One woman was killed and several children were injured as a result of Israeli bombing of displaced Gazans' tents in the Mawasi area of ​​Khan Yunis, south of the Gaza Strip.
Al Mayadeen correspondent in Gaza: An Israeli airstrike targeted the eastern areas of Jabalia, north of the Gaza Strip.
Al Mayadeen correspondent in Gaza: An Israeli airstrike targeted Al-Bureij refugee camp in the central Gaza Strip.

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 markets search for a boost as Brent Crude holds at $60

Oil prices rise on Russia supply fears and Fed policy outlook

"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

Iran strikes secret Israeli-US bunker under Tel Aviv high-rise

Tel Aviv high-rise struck by Iran hid Site 81, secret US-Israeli base

  • Politics
  • 14 Oct 2025
Yemeni Armed Forces Chief of Staff Major General Mohammad Abd al-Karim al-Ghamari , during a ceremony in an undisclosed locations in Yemen, undate (Yemeni Military Media)

Yemeni Armed Forces mourn martyred Chief of Staff al-Ghamari

  • Politics
  • 16 Oct 2025
Israeli occupation violates Gaza ceasefire, killing seven Palestinians.

Israeli occupation violates Gaza ceasefire, kills seven Palestinians

  • Politics
  • 14 Oct 2025
Zionists Fundamentally Misread Iran Due To Their Own Echo Chambers

Zionists fundamentally misread Iran due to their own echo chambers

  • Analysis
  • 15 Oct 2025

Coverage

All
War on Gaza

Read Next

All
UK blocks release of documents on secretive Lammy-Sa’ar meeting.
Politics

UK blocks release of documents on secret Lammy-Sa’ar meeting

Colombia slams Trump’s drug accusation, defends sovereignty
Politics

Colombia slams Trump’s incendiary drug claims, defends sovereignty

The abuse was detailed in Giuffre's memoir "Nobody's Girl: A Memoir of Surviving Abuse and Fighting for Justice." (AP)
Politics

Epstein victim recounts choking, sexual assault by 'well-known PM'

The US Secret Service discovered a hunting stand near the airport President Donald Trump uses in Florida. (US Secret Service)
Politics

FBI probes hunting stand with sightline to Trump’s Air Force One exit

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