Saudi Arabia projected a deficit of $87 billion as it issued its 2016 budget on Monday, the kingdom's third annual shortfall in a row due to the oil price slump.

Revenues are projected at 513.8 billion riyals ($137 billion), the lowest since 2009, according to a statement posted on the finance ministry website.

The kingdom, the world's largest oil exporter, is projecting spending next year at 840 billion riyals ($224 billion), the statement said.