Saudi Arabia's Oil Earnings Drop

1. Saudi Arabia Takes One for the Team - Saudi Arabia’s decision to unilaterally cut 1 million b/d of production in July 2023 has so far been backfiring as oil prices dropped back to levels seen before the OPEC+ summit, brushing aside the Middle Eastern kingdom’s pledge. - The Saudi government remains optimistic and is still expecting an annual fiscal surplus of 4.3 billion this year, although the IMF’s breakeven level of $81 per barrel looms large. - According to Bloomberg, if one is to account for Saudi Arabia’s giga projects…