RIYADH: Bahrain is planning to double its contribution to the Future Generations Reserve Fund by setting aside $2 from every barrel of oil exceeding the $80 limit, Bloomberg reported.
The Middle Eastern country has announced that it will set aside $1 for oil sold at over $40 and that it will pay $3 if the oil is sold at over $120.
Political conflicts between Russia and Ukraine have pushed the global benchmark Brent to trade at above $100 as of late February.
Back in 2018, Bahrain received a financial package worth $10 billion to deal with debt levels and budget deficits.
The country aims to balance its budget in 2022 with financial support from neighboring countries such as Saudi Arabia.