Saudi Arabia Seen Needing to Boost Oil Exports as Spending Rises
This article is for subscribers only.
Saudi Arabia, the world’s biggest crude exporter, probably needs to boost shipments this year to keep pace with record government spending, according to a former adviser to the nation’s finance ministry.
The country needs to at least match the 7.54 million barrels a day it shipped last year and will probably need to sell more, John Sfakianakis, chief investment strategist at Riyadh-based MASIC, an investment company, said by phone today. He previously worked as chief economist for two Saudi Arabian banks and worked in the ministry of finance as a full-time adviser between 2011 and 2013.