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Saudi oil revenues to fall 41% in 2009, says report
- Saudi Arabia: Wednesday, December 17 - 2008 at 08:22
Saudi Arabia's oil export revenues could fall 41% to $172bn in 2009 due to lower production and prices, reported Reuters, citing a report by local investment bank Jadwa Investment. This shortfall in oil revenue would result in the kingdom posting real economic growth of 1.5% in 2009, which would be the lowest since 2002. The world's largest oil exporter's average daily production is expected to shrink 8.7% to 8.4 million barrels per day (bpd) in 2009 down from an average 9.2 million bpd in 2008.
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Jeff Florian, Senior ReporterWednesday, December 17 - 2008 at 08:22 UAE local time (GMT+4)
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