Saudis Need $74 Oil Price to Balance 2012 Budget, Jadwa Says

Saudi Arabia, the world’s largest oil exporter, needs $74 a barrel for its crude exports next year to balance its budget, Jadwa Investment Co. said.

For Saudi oil prices to reach $74 a barrel, the kingdom needs around $70 a barrel for WTI and $78 a barrel for Brent, Jadwa, a diversified investment business based in Riyadh, said in an emailed report today. Saudi Arabia, the largest Arab economy, forecast a budget surplus of 12 billion riyals ($3.2 billion) in 2012 in a statement yesterday.