By Mohammed Abu Meleeh
Riyadh-Mubasher: Saudi Arabia’s total revenues reached SAR 11 trillion over the last 20 years, SAR 9.59 trillion of which were generated from oil sector. Meanwhile, non-oil revenues amounted to SAR 1.4 trillion, or 12.8% of the kingdom’s total revenues, according to data compiled by Mubasher.
Oil dominated 56.6% and 92.5% of the kingdom’s total revenues as in 1998 and 2011, respectively, which signals the importance of oil for domestic revenues even amid unfavorable conditions.
Meanwhile, investors are anticipating the kingdom’s budget for the new fiscal year, which will likely be announced on Monday. The budget can be used in measuring the impact of tumbling oil prices on oil-producing countries regionally and globally.
Revenues accounted for 87.5% of total revenues last year. Average price of Arab light crude oil reached $99.57 a barrel, and the average daily production neared 9.68 million barrels.
In 2015, average price of Arab light crude oil reached $50.97 a barrel, and the average daily production neared 10.13 million barrels, according to OPEC data.
This indicates that oil contribution to FY15 revenues would be the lowest in years.
Translated by Abdul Maguid Aboshahla
