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FINANCIAL NEWS
Higher rival oil output may impact Saudi revenue in 2013
31 Dec 2012
(MENAFN) Saudi Finance Minister Ibrahim Alassaf expected Saudi Arabia’s revenue to be impacted by output hikes by other oil producers, as they will weigh on energy prices in 2013, Reuters reported.
This could be bad news for the world’s top oil exporter which is set to launch its biggest budget in its history next year, with a projected expenditure of USD219 billion.
Saudi Arabia posted a budget surplus of USD103.2 billion in 2012, driven by high energy prices and strong output levels, which generated revenue of USD330.21 billion.
Saudi Arabia maintained high levels of production in the past two years to keep oil price from increasing.
However, new output from OPEC member Iraq and from projects in North America may drag on crude prices and lead Riyadh to cut production.
The 2012 budget had forecast this year’s revenue at USD186.94 billion, only 57 percent of the estimated actual income.
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