{"id":403673,"date":"2021-03-08T12:05:13","date_gmt":"2021-03-08T06:35:13","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=403673"},"modified":"2021-03-08T12:05:13","modified_gmt":"2021-03-08T06:35:13","slug":"opec-surprise-sees-oil-soar-past-gulfs-budget-balancing-levels","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/opec-surprise-sees-oil-soar-past-gulfs-budget-balancing-levels\/","title":{"rendered":"OPEC+ surprise sees oil soar past Gulf\u2019s budget-balancing Levels"},"content":{"rendered":"<p>Brent crude now trades above fiscal breakeven prices for the four biggest oil producers in the Middle East after Saudi Arabia convinced fellow OPEC+ members to keep output largely unchanged.<\/p>\n<p>The shock move by OPEC+ triggered a rally in Brent prices, which rose to almost $70 a barrel. That\u2019s higher than annual average levels needed for the cartel\u2019s largest producers, including Saudi Arabia, to balance their budgets this year.<\/p>\n<p>If oil prices stay at current levels, \u201cwe would see fiscal surpluses for the larger Gulf Cooperation Council economies,\u201d said Monica Malik, chief economist at Abu Dhabi Commercial Bank. \u201cThis provides more fiscal space to support economic activity and recovery.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brent crude now trades above fiscal breakeven prices for the four biggest oil producers in the Middle East after Saudi Arabia convinced fellow OPEC+ members to keep output largely unchanged. The shock move by OPEC+ triggered a rally in Brent prices, which rose to almost $70 a barrel. That\u2019s higher than annual average levels needed for the cartel\u2019s largest producers, including Saudi Arabia, to balance their budgets this year. If oil prices stay at current levels, \u201cwe would see fiscal surpluses for the larger Gulf Cooperation Council economies,\u201d said Monica Malik, chief economist at Abu Dhabi Commercial Bank. \u201cThis provides [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[141,130,183],"tags":[],"class_list":["post-403673","post","type-post","status-publish","format-standard","hentry","category-hindustantimes","category-newspapers","category-oil-gas-hindustantimes"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/403673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=403673"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/403673\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=403673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=403673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=403673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}