IMF: Saudi Arabia Needs Oil Prices At $80.90 To Balance Budget

Saudi Arabia needs oil prices at $80.90 per barrel to balance its budget this year, the International Monetary Fund (IMF) said on Wednesday in its latest economic projections for the Middle East and Central Asia. The breakeven price for the world's largest crude oil exporter for 2023 is estimated to be lower than the $83.60 and $85.80 a barrel levels of 2021 and 2022, respectively, but higher than the $80.40 breakeven average for the two decades to 2019. Economic growth in OPEC's de facto leader is set to materially slow down from 8.7% last year…