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FINANCIAL NEWS
Saudi oil exports income hit USD347b in 2012
12 Feb 2013
(MENAFN) Saudi Jadwa Investments stated that Saudi Arabia’s oil exports income hit nearly USD347 billion last year, driven by higher oil output and a rise in oil prices, reported Emirates 24/7.
The investment company said that in 2013, earnings from oil exports are expected to decline by USD68 billion to around USD279 billion.
The firm attributed its forecast to a projected decline in the Kingdom’s oil production to 9.6 million barrels per day (bpd) compared with 9.8 million bpd in 2012.
Furthermore, Saudi crude prices are expected to drop to an average of USD99.4 in 2013 from USD106.1.
However, Saudi assets will keep growing to reach about USD695 billion at the end of 2013 from USD648 billion at the end of last year.
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