The government has budgeted for a deficit of about 13 percent in 2016, based on an oil price of around $45 per barrel, Standard and Poor's estimates.
The kingdom is also forecast to run a deficit on the current account of its international balance of payments equivalent to 14 percent of GDP in 2016.
On Feb. 17, Standard and Poor's cut the kingdom's foreign currency credit rating two notches from A+ to A-, with a stable outlook.
Protecting the kingdom's market share is proving expensive. The question in the end will be: was it worth it? Only the Saudis themselves will know the answer.