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FINANCIAL NEWS
Saudi 2011 foreign assets to grow by USD98b
13 Nov 2011
(MENAFN) US Institute for International Finance (IIF) said that through the current year, Saudi foreign assets would grow by around USD98 billion, driven by higher oil prices and oil output, reported Emirates 24/7.
The institution added that at the end of 2011, the country’s foreign assets would be expected to reach USD543 billion, from USD445 billion at the end of last year, whereas they would grow to reach USD591 billion at the end of the coming year.
The Washington-based firm also said that in the current year, Saudi’s crude output could increase by more than 1 million barrels per day (bpd) to reach around 9.3 million bpd, compared with an average 8.2 million bpd recorded last year.
It is worth noting that during this year’s January-September period, the Kingdom’s foreign assets soared by around USD80 billion.
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