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Lower crude prices and production are expected to depress Saudi Arabia’s oil export earnings by around $16 billion in 2024 but they are expected to sharply rebound in 2025, according to a Saudi think-tank.
The world’s largest oil exporter earned nearly $242 billion from crude sales in 2023 and the income is projected to fall to nearly $226 billion in 2024, Jadwa Investments said in an economic report sent to Zawya Projects on Friday.
The Riyadh-based Company said oil revenues, a crucial factor in project spending in Saudi Arabia, would shrink due to an expected decline in Brent crude prices from $84 a barrel in 2023 to $81 in 2023 and in the Gulf Kingdom’s oil output from 9.6 million bpd to 9.4 million bpd.
The report forecast a big recovery in Saudi Arabia’s oil export earnings to about $264 billion in 2025 as a result of a projected increase in prices and production to $86 a barrel and 10.2 million bpd.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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