Jey oil bitumen
Jey oil bitumen is a prominent and global brand of bitumen that is based in the Middle East. Therefore, Jey oil bitumen price changes are important to many countries in the world. It’s worth mentioning that oil prices,
the oil market and other variables will affect the price of Jey oil bitumen. That’s why we tend to discuss the global market in this article since it affects the prices of Jey oil bitumen.
A $ 27 billion financial loss to Saudi Arabia in 2020
The sharp drop in world oil prices caused a $ 27 billion financial loss to Saudi Arabia in 2020. Saudi Arabia’s Crown Prince Mohammed bin Salman was quoted by Sputnik
as saying that Saudi Arabia would lose more than 100 billion rials ($ 27 billion) by the end of
2020 due to falling oil prices this year due to the corona pandemic.
jey oil bitumen
According to the Saudi state news agency Press, Bin Salman said: “According to the 2020 budget estimate presented last year,
the government revenue will be 833 billion rials,
of which 513 billion rials was oil revenue.” With the fall in oil prices this year, oil revenues have fallen to about 410 billion rials.
On the other hand, the Crown Prince added: “These revenues are not even enough to cover the salaries of government employees,
which according to this year’s budget is at $ 504 billion.” These conditions have forced the Saudi government to increase
its non-oil revenues to 360 billion rials and pay more attention to new sectors such as tourism,
sports, industry, agriculture, transportation and mining. Moreover, Bin Salman said:
the government has been able to increase its medical expenses to 188 billion rials during this period. As we all know, these incidents have a great impact on Jey oil bitumen.
Saudi Arabia leaving the US stock market
According to Bloomberg, the Saudi Public Investment Fund, a subsidiary of the Saudi royal family,
said in a statement that it had withdrawn 30 percent of its assets in the US stock market
(equivalent to $ 3 billion) in the third quarter of this year. In fact, most of this transfer was in the form of real estate and metals. The fund has a capital of about $ 40 billion and
aims to diversify Saudi Arabia’s foreign assets.
jey oil bitumen
As previously announced by Saudi Crown Prince Mohammed bin Salman, the fund
will transfer some of its resources into the country and the destination of these three billion dollars seems to be inside Saudi Arabia. To achieve its goals under Horizon 2030,
the Saudi government plans to invest approximately $ 347 billion in various forms of economic
infrastructure to minimize dependence on the oil sector.
