The Kingdom of Saudi Arabia is heading for a budget surplus of SR56 billion ($14.9 billion) in 2004 on the back of rising oil prices, the National Commercial Bank said in a report Tuesday.
“The forecast budget deficit of SR30 billion will be offset by a surplus of 56 billion riyals,” said the report, published in Al-Jazirah newspaper.
The Kingdom has been enjoying the windfall of unexpected hikes in oil prices to above $40 a barrel. Oil revenues are put at SR248 billion while total revenues will hit SR296 billion, said the bank. (menareport.com)
© 2004 Mena Report (www.menareport.com)
