Saudi Arabia poised to post $24b budget surplus

21 Apr 2010

(MENAFN) Saudi Arabia is expected to book a $24.3 billion surplus in 2010, based on an average oil price of $75 per barrel, according to a study issued by a state-owned bank, Reuters reported.

The study said that Saudi Arabia would avoid a deficit if prices stay above $60,and the country would end up spending 12 percent above the $144 billion it budgeted for 2010 and get revenues 48 percent above the planned $102.65 billion.

Oil prices, based on a modest recovery in global demand, are expected to average $75 per barrel with Saudi output growing to 8.3 million barrels per day, the study said.

The Saudi government said earlier that it expects to make an $18.66 billion deficit this year, based on estimates of a conservative $46 per barrel price for oil.

But with an oil price of $60, the study expects that the Saudi economy would be able to grow 2.2 percent in 2010, with the non-oil sector adding 2 percent.

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