Saudi Arabia to ‘assess all options’ to boost economy after coronavirus impact

Saudi Arabia to ‘assess all options’ to boost economy after coronavirus impact

Saudi Arabia is “assessing all the options” to boost its economy after taking painful measures to offset a sharp decline in oil revenue and deep economic contraction caused by restrictions to halt the spread of the coronavirus, the kingdom's commerce minister said.

“The impact of oil prices has affected Saudi Arabia's revenue and like any other country we have to adjust,” Majid Al-Qasabi, pictured below, told Bloomberg TV in an interview that will be aired on Thursday. “The government is in continuous review of what is best for the people and the nation and its interests.”

An almost 40 percent drop in Brent crude prices over the past year, combined with production cuts to drain a supply glut, helped push Saudi Arabia's oil revenue down by 45 percent in the second quarter