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Saudi Oil Break-Even Price Rise to $71.5 Next Year, NCB Says

Saudi Arabia’s break-even price to balance next year’s budget will rise to $71.5 a barrel from $70.9 this year, according to National Commercial Bank, the kingdom’s largest lender by assets.

Saudi Arabia, the world’s largest crude exporter, is expected to produce 9.2 million barrels a day on average in 2011, Jarmo Kotilaine, the bank’s chief economist, said today in response to e-mailed questions. The lender, known as NCB, forecasts the country’s average oil production to fall to 8.8 million barrels a day in 2012, he said.