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FINANCIAL NEWS
Saudi oil exports’ income reaches USD2.5tr in 42 years
09 Feb 2012
(MENAFN) Saudi Arabian Monetary Agency (Sama) said that over the past 42 years, income from the country’s oil exports reached around USD2.5 trillion, reported Emirates 24/7.
The central bank added that more than half of that income was earned during 2000-2011, when it reached about USD1.49 trillion, whereas in 2011 alone, the Kingdom’s revenues from oil exports totaled USD294 billion.
It also said that in 2008, the country’s revenues from oil exports reached USD262 billion, recording the second highest oil income, since oil prices reached one of their highest levels of around USD95 per barrel.
It is worth noting that the sharp fluctuations in oil income were reflected in Saudi’s fiscal balance, which recorded its largest ever surplus of USD154.6 billion in 2008, whereas its worst deficit of USD45.3 billion was recorded during the 1990-1991 fiscal year, which combined the budget of both years due to the Gulf war.
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