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Thursday, May 15, 2008

Saudis see oil revenues peaking in 2008

ABU DHABI — Saudi Arabia expects record energy revenues in 2008.

With crude oil selling at more than $120 per barrel, Saudi Arabia expects to obtain at least $260 billion in oil export revenues in 2008. Officials said the record revenues would bolster the kingdom's economy and budget surplus. The Jadwa Investment said 2008 could be the last year of soaring revenues, with expected gross development product growth at 5.5 percent. The Riyad-based consultant envisions lower oil prices in 2009 and 2010 as well as a sharp increase in food prices.

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"Higher oil revenues will allow greater government spending, but the effects of this will be offset by the delays in many new projects and the impact of inflation on consumer spending," Jawda chief economist Brad Bourland said.
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