Saudi expects 80% rise in oil income by 2023: report

Saudi Arabia’s is hoping to wipe out its budget deficit by 2023, taking into consideration an 80 percent increase in oil revenues, Bloomberg reported, citing unnamed sources with knowledge of the matter.

Under a six-year fiscal program, surging oil prices and output will drive income from oil sales to SAR 801.4 billion from SAR 440 billion in 2017, the sources told the news agency.

The projected oil price is $75 a barrel, they said, adding, non-oil revenue, excluding income from the Public Investment Fund, is likely to increase by 32 percent to SAR 337 billion.

Argaam reported earlier that the Ministry of Finance is expecting a state budget surplus of up to SAR 4 billion in 2023 -- the first year of surplus since 2013.

Total revenue is estimated at SAR 1.138 trillion and expenditure at SAR 1.134 trillion in 2023, the ministry added.

Earlier this month, Saudi Arabia announced its state budget for 2018, the biggest ever in its history despite lower oil prices, with revenue set at SAR 783 billion, public spending at SAR 978 billion, and a projected deficit of SAR 195 billion.