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The Saudis' crude oil price challenge

Data: U.S. Energy Information Administration; Chart: Axios Visuals

One big challenge facing Saudi Arabia is that crude prices are well below the roughly $80–$85 per barrel the country needs to balance its budget.

The big picture: Saudi Arabia shook up its oil hierarchy Saturday by ousting Khalid al-Falih as oil minister and replacing him with Prince Abdulaziz bin Salman. The kingdom is grappling with the U.S. production boom, sluggish global demand growth, and trade friction that's holding down oil prices.

Go deeper: Less than a year after Khashoggi murder, business booms for Saudi Arabia