Saudi Arabia expects oil revenues to jump by about 80% by 2023 to push the kingdom to record its first surplus in a decade. Oil production is expected to increase from an average of 10 million bpd this year to 11.03 million barrels in 2023. For 2020, it expects to produce 10.45 million bpd, generating 605 billion riyals of revenue.
While Crown Prince Mohammed bin Salman's plan to transform the economy aims to reduce its long-term dependence on oil, rising oil prices are key to efforts to support growth with measures that will help increase revenue from other sources.
Saudi Arabia led a campaign among OPEC members and key non-OPEC countries to stabilize oil markets through production cuts that helped Brent crude prices above $60 a barrel. Saudi Arabia last week published an expansionary budget for 2018 to revive an austerity economy and lower oil prices. GDP contracted by 0.5% in 2017.
