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FINANCIAL NEWS
Saudi oil output to rise to 9.9m bpd in 2012
27 Nov 2012
(MENAFN) Saudi Jadwa Investments stated that the Kingdom is expected to produce an average of 9.9 million barrels per day (bpd) of crude in 2012, reported Emirates 24/7.
Jadwa said that the amount is compared with nearly 9.3 million bpd recorded last year, which brought to the country USD317 billion in income.
It added that the price of Saudi crude is forecasted to hit USD107 in 2012, from USD103 in 2011, thus, enabling the Kingdom to fetch USD322 billion in oil exports revenue.
The increase in oil revenue would boost Saudi budgeted surplus of USD3.19 billion to USD92.78 billion in the current year.
It is worth noting that Saudi real gross domestic product (GDP) is expected to grow 5.8 percent in 2012, and to contract to 3.8 percent next year, according to Jadwa.
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