Global oil glut: Tsunami hits Saudis, the ruble, and Iran

Amid the plunge in oil prices, Saudi Arabia expects to post a budget deficit of 367 billion riyals (€89.1bn) and Russia’s economy teeters on the brink of a deeper recession, while Iran wants to swiftly boost its oil exports, it emerged yesterday.

Saudi will spending 975bn riyals by the end of this year, overshooting the government’s target by 13%, an official told reporters in Riyadh on Monday.

The deficit is at about 16% of GDP, according to Alp Eke, senior economist at National Bank of Abu Dhabi.