THE INTERPRETER: Saudis predict $29 oil price in 2016 - Saudi Arabia’s 2016 budget is allegedly based on an average crude price of about $29 per barrel, Bloomberg reports, quoting Riyadh-based Jadwa Investment. On Monday, Riyadh posted its next budget for next year that will see a $36 billion cut in spending, based on a $87 billion deficit. As of 8am GMT, Brent benchmark was trading at $36.75 per barrel, while US crude West Texas Intermediate stood at $36.91.