RIYADH: Saudi Arabia revenues of crude oil exports are projected to hit SAR512 billion by the end of the current year, way down from last year’s figures.
The price of the Kingdom’s light crude shed 49 per cent of its value in the first nine months of the current year to average $53 a barrel from $105 in the same period last year.
According to an analysis by the Al Eqtisadiah newspaper, Saudi Arabia increased its crude oil exports by 3.2 per cent in the first nine months of the current year.
The Kingdom’s nine-month oil exports totalled approximately two billion barrels, compared with 1.95bn barrels in the corresponding period of 2014, the analysis shows.
According to the figures, the Kingdom’s revenues from oil exports for the January-September period amounted to SAR400bn.
The analysis puts the year’s revenues at SAR512 billion on the assumption that the Kingdom’s output remains at an average of 7.4 million barrels a day with an average price of $45.
Oil returns make up roughly 90 per cent of Saudi Arabia’s total revenues. In 2014, the Kingdom, the world’s largest oil exporter, reported a budget deficit of SAR54bn, with revenues at SAR1,046bn and a total public spend of SAR1,100bn.
