Saudi Arabia assumes price of oil will be $80 a barrel

"Saudi Arabia’s 2015 budget is probably assuming an oil price of $80 a barrel," former economic adviser to the Ministry of Finance of the country John Sfakianakis told Bloomberg.

The economist believes that such a decision by the authorities will have a positive impact on the market: "Everyone was expecting to see a budget built on a price around $60, but that would have sent a negative message to the oil market. With a fiscal break even at the price of $80 a barrel, the government is sending a message to the market that we are expecting to see a rebound in oil prices," RIA Novosti quoted Sfakianakis.

In 2014 the budget assumed the price of oil to be $103 per barrel. In total, oil accounted for 89 percent of its 2014 revenue.