Saudi oil revenue to rise 15pc in 2005: NCB
Reuters, Riyadh
Saudi Arabia's oil revenues will grow 15 percent this year to 398 billion riyals ($106 billion) on the back of high global prices, setting the stage for a record budget surplus, a leading Saudi bank said.National Commercial Bank (NCB) said the combination of high prices and increased production will push oil income in the world's biggest crude exporter well beyond the conservative 231 billion riyals forecast in the Saudi state budget. NCB's first quarter report was prepared before world oil prices hit new records this week close to $60 a barrel. Non-oil revenue this year of 49 billion riyals will push total government income to 447 billion riyals, the bank said.
|
|
