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Saudi sets up 2 trillion USD sovereign fund for post-oil production phase

Xinhua, April 1, 2016 Adjust font size:

Saudi Arabia revealed on Friday the formation of two trillion U.S. dollars sovereign fund for the post-oil production phase, Sabq online newspaper reported.

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz said that the move comes as the country had passed late last year the state budget with a deficit after years of surplus because of the low oil prices on the international markets.

To cope with the new situation, the government lifted subsidies on oil for local consumption and other services such as electricity and water fees.

The crown prince also highlighted that the oil production of Saudi Arabia will not be fixed unless Iran and other oil producer countries fix their production. Endit