Economics
Saudi Arabia Sees Higher Oil Revenue as OPEC Cuts Boost Prices
- Non-oil revenue to increase 14 percent, budget statement shows
- Kingdom plans to end ‘addiction’ to oil, sell Aramco stake
Saudi Arabia Sees 2018 Budget Deficit of $52 Billion
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Saudi Arabia expects oil revenue to jump 12 percent next year in a sign the world’s biggest crude exporter expects prices to keep rising in 2018.
The top OPEC producer expects to collect 492 billion riyals ($131 billion) from oil sales in 2018, compared with 440 billion riyals this year, the Finance Ministry said on Tuesday in a budget statement. Non-oil revenue will climb to 291 billion riyals from 256 billion riyals in 2017.