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Saudi investment bank Jadwa has lowered its forecast 2015 price for Saudi crude to $57/B, whilst raising its production forecast to 9.8mn b/d. Though 100,000 b/d higher than actual 2014 output, this is actually 500,000 b/d lower than the 10.3mn b/d rate at which Saudi Oil Minister Ali Naimi recent said the kingdom was producing (MEES, 10 April).
Based on its updated numbers, Jadwa estimates that Saudi Arabia’s oil revenue will fall by a third from its 2014 level, it says in its April update on the Saudi economy.
$106BN DEFICIT FOR 2015
Saudi Arabia is heading in 2015 towards a fiscal deficit of SR397bn ($105.9bn), or 15.6% of GDP, as it maintains its expansionary fiscal policy, Jadwa says.
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