Riyadh - Mubasher: Saudi Arabia expects oil revenues will jump by about 80% by 2023, as reported by Bloomberg.
This will help Saudi Arabia record its first budget surplus in a decade.
As the price of oil is expected to reach $75 per barrel, Saudi officials predicts that rising oil prices and output will push income from oil sales to SAR 801.4 billion up from the current SAR 440 billion.
Production is also forecasted to rise from an average of 10 million barrels a day this year to 11.03 million barrels in 2023.
In 2020, it is predicted that a production level of 10.45 million barrels per day, will generate SAR 605 billion.
Meanwhile, non-oil revenue, excluding income from the Public Investment Fund (PIF), could go up 32$ to SAR 337 billion.
