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Saudi economy can sustain lowered oil revenues, says Samba

Samba Financial Group has said Saudi Arabia's oil revenues are expected to drop this year but the consequences of lower oil prices are likely to be slight, Arab News has reported. The kingdom's oil earnings are estimated at $324bn, a 16% decline but 'comfortably' above the five-year average of $225bn, Samba said. Moreover, despite this year's reduced earnings, a current account surplus of $148bn, or 25% of GDP is in prospect. For 2013, Samba expects a surplus of around 18% of GDP. By the end of 2013, total net foreign assets are expected to total $827bn, equivalent to 135% of GDP, the report said.