Oil price increase is a real economic threat to other countries, especially to oil-exporting countries. But not to the oil-rich countries, yet, it is expected to have a positive impact to its economy. Find out why.
Higher oil revenues will also increase the budget surplus and are expected to reach $69b in 2008, the second largest ever.
Soaring oil prices and worsening inflation are putting pressure on the government to increase spending. Saudi Arabia 's inflation rate increased to a 27-year peak of 9.6 percent in March as against 8.7 percent in the previous month and just 3.1 percent in June of last year.
Higher oil revenues will also increase the budget surplus and are expected to reach $69b in 2008, the second largest ever.
Soaring oil prices and worsening inflation are putting pressure on the government to increase spending. Saudi Arabia 's inflation rate increased to a 27-year peak of 9.6 percent in March as against 8.7 percent in the previous month and just 3.1 percent in June of last year.
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