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Saudi’s budget surplus seen reaching SAR147bn

Saudi’s budget surplus seen reaching SAR147bn
The Kingdom’s total revenues are expected to reach SAR 1.1 trillion in the current year, or a surplus of SAR 147 billion over the expected SAR 855 billion budget estimated earlier in the year, Arab News stated citing a report by Al-Eqtisadiah daily.
The projected surplus is based on the average price of oil at $90 per barrel for the remaining period of the year compared to the average Brent oil price at $105 during the last nine months of the current year, the report stated.
The Kingdom’s daily oil exports averaged 6.73 million barrels, compared to local daily consumption of nearly 2.3 million barrels.
The Saudi crude oil is sold at prices less than Brent prices by nearly $4 and, therefore, the price of Saudi crude oil averaged $101 during the last nine months. The price is expected to remain at $86 in the remaining period of the year, according to the report.
Normally, oil revenues dominate nearly 90% of the Saudi budget, while the remaining 10% are coming from nonoil sources, the report said.
The Kingdom’s oil revenues are likely to reach SAR 780 billion ($208 billion) in the first nine months of the current year. Meanwhile, the remaining three months are expected to see SAR 221.5 billion ($59 billion) in oil revenues.