Saudi Budget Surplus Set To Hit 14.9 Billion Dollars In 2004: Report

RIYADH, Aug 3 (AFP) - Saudi Arabia is set to achieve a budget surplus of 56 billion riyals (14.9 billion dollars) in 2004 on the back of high oil prices, the Saudi National Commercial Bank said in an economic report Tuesday.
"The forecast budget deficit of 30 billion riyals (eight billion dollars) will be offset by a surplus of 56 billion riyals," said the report, published in the Al-Jazirah newspaper.
The oil-rich Gulf kingdom has been enjoying the windfall of unexpected hikes in oil prices to above 40 dollars a barrel.
Oil revenues are estimated at 248 billion riyals (66 billion dollars) while total revenues will hit 296 billion riyals (78.9 billion dollars), said the bank.
The Saudi financial group Samba said last month it predicted a record budget surplus this year of 112 billion riyals (29.8 billion dollars).
The Saudi government has projected total revenues of 200 billion riyals (53.3 billion dollars) based on the conservative oil-price forecast of 19 dollars per barrel.
Saudi Arabia posted a 12-billion-dollar surplus in the 2003 fiscal year, the first non-deficit budget since 2000, thanks to a rise in oil prices coupled with a production hike.