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Saudi Arabia needs higher oil prices to sustain spending State companies will be required to cut the dividends they pay the government 08 April 2021 - 16:18 Davide Barbuscia Picture: REUTERS Dubai To wean Saudi Arabia off its dependency on crude the kingdom needs higher oil prices. A multitrillion dollar spending push designed to diversify the economy’s sources of income will require state companies to cut the dividends they pay the government to boost capital spending, Crown Prince Mohammed bin Salman has said. It is not clear how much companies such as oil group Saudi Aramco whose $75bn dividends in 2020 were vital to support state revenues would cut their dividends, but any reduction would likely need to be compensated by higher oil prices, analysts say.

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