A National Commercial Bank report said that the Kingdom will have a budget surplus of SR56 billion in 2004 due to rising oil prices.
“The forecast budget deficit of SR30 billion will be offset by a surplus of SR56 billion,” said the report, which was published in Al-Jazeerah newspaper.
The Kingdom has been enjoying the windfall of unexpected hikes in oil prices to over $40 a barrel. Saudi oil revenues are estimated to be SR248 billion, and total revenues will reach SR296 billion, the bank said.
Saudi financial group SAMBA last month predicted a record budget surplus of SR112 billion this year.
Source: SPA
