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Saudi Arabia: oil revenues estimated to jump 80% by 2023
(MENAFN) Sources reported that by 2023, oil revenue is predicted by Saudi Arabia to leap up to 80% pushing for its first budget surplus in ten years.
Income from oil sales is reportedly expected by officials to reach in 2017 from 440 billion riyals to 801.4 billion riyals due to increased rising oil prices and output, all under a six-year program to balance the budget.
It also estimates oil prices to settle at $75 a barrel with an increase of non-oil revenue, apart from the Public Investment Fund income, of 32% to 338 billion riyals, as sources stated.
Income from oil sales is reportedly expected by officials to reach in 2017 from 440 billion riyals to 801.4 billion riyals due to increased rising oil prices and output, all under a six-year program to balance the budget.
It also estimates oil prices to settle at $75 a barrel with an increase of non-oil revenue, apart from the Public Investment Fund income, of 32% to 338 billion riyals, as sources stated.
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