Saudi Arabia claims strong fiscal position amid Iran conflict
A week into the US-Israeli conflict with Iran, Saudi Arabia's Finance Ministry stated that the kingdom's fiscal position remains strong, with access to various export routes, including the Red Sea.
“Economic activity across Saudi Arabia continues to operate normally,” the Finance Ministry’s spokesperson said in a statement that referred to “recent developments” but did not directly mention the conflict, News.Az reports, citing foreign media.
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“We continue to assess economic and fiscal indicators on an ongoing basis, and current data confirm that our fiscal position and medium-term outlook remain solid”, the statement added.
Oil prices have surged 20 percent since last Friday, and the war has slashed vital hydrocarbon exports via the Strait of Hormuz and halted output at facilities including Saudi Aramco’s biggest domestic oil refinery.
By Ulviyya Salmanli
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