Saudi oil to flow more next year

Published August 16th, 2012 - 06:04 GMT
National Commercial Bank
National Commercial Bank

Saudi Arabia's crude oil production will average 9.7 million barrels a day next year, according to National Commercial Bank (NCB), the kingdom's largest bank by assets. 

That compares to a forecast of about 9.4 million barrels a day this year, said a report yesterday. 

Arab Light crude, which makes up about 50 percent of Saudi Arabia's oil output, will average $105 a barrel this year, unchanged from a March 26 forecast. Prices will average $100 a barrel in 2013, it said. 

© Muscat Media Group

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