Saudi Arabia remains in strong fiscal position, finance ministry spokesperson says

Saudi Arabia’s finance ministry said on Friday the kingdom’s fiscal position was strong and it had access to multiple export routes including the Red Sea, a week into the US-Israeli war with Iran which has spread turmoil in the region.

“Economic activity across Saudi Arabia continues to operate normally,” the finance ministry’s spokesperson said in a statement that referred to “recent developments” but did not directly mention the conflict.

“We continue to assess economic and fiscal indicators on an ongoing basis, and current data confirm that our fiscal position and medium-term outlook remain solid,” the statement added.

Iran has launched strikes across the region in retaliation against the US and Israeli attacks in an expanding conflict.

Oil prices have surged 20 percent since last Friday, and the attacks have slashed vital hydrocarbon exports via the Strait of Hormuz and halted output at oil facilities.

“Energy markets have responded to recent developments, with oil prices currently increasing,” the statement read.

“Our energy export infrastructure remains resilient, and the Kingdom has the flexibility to utilize multiple export routes, including through the Red Sea.”