Saudi Arabia expects 46% increase in oil revenue this year - RTRS

Reuters reporting latest headlines from the Saudi Arabian government, noting that Riyadh expects to collect 480 billion riyals ($128 billion) from crude sales in 2017, up from an estimated 329 billion riyals in 2016.

 The Saudi government said in a statement, "As the kingdom's economy is strongly connected to oil, the decrease in oil prices over the past two years has led to a significant deficit in the government's budget and has impacted the kingdom's credit rating. The 2017 budget was prepared in light of developments in the local and global economy, including the estimated price of oil."