Saudi income from oil exports to fall by 19% in 2013

07 Apr 2013

(MENAFN) Saudi Jadwa Investments announced that during the current year, the Kingdom’s income from oil exports is expected to decline by 19 percent to USD279 billion, reported Emirates 24/7.

Jadwa attributed the projected drop to a fall in oil output, which is expected to average 9.6 million barrels per day (bpd) from 9.8 million bpd last year.

It said that earnings will also be affected by a decrease in the average price of Saudi crude, which is forecasted to reach around USD99.5 a barrel from USD106 in 2012.

It is worth noting that in 2012, Saudi Arabia’s earnings from oil exports hit USD347 billion.

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