Saudi finances used to be a problem with excessive spending on everything. But now there was a knock from below. The sheikhs' projects have brought the country to deficits in the past - in addition to social spending, this includes excessive spending on local and European soccer, the construction of a ghost town, and other expenses loosely related to investments or improving the population's quality of life.
Despite the Sheikh status, the Saudi Arabian population does not live in glory, unlike its small neighbors in Dubai, Abu Dhabi and Qatar. Oil prices under $100 have not covered all costs. Some of the expenses, for example, have been on a narrow speech, but this concept has not been sufficient in the context of the decline in oil prices.
In the third quarter, Saudi Arabia's public finances were hit by a crisis that began with the US and Israel's attack on Iran in February. And it can be assumed that the situation will continue in the next quarter or two.