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Saudi Arabia expects oil revenue to rise 80% by 2023 on higher prices, output

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Saudi Arabia expects oil revenue to rise 80% by 2023 on higher prices, output

Saudi Arabia expects oil revenue to increase by about 80% by 2023 because of rising prices and increased production, suggesting that the world's biggest petroleum exporter does not see a need to extend production cuts beyond 2018, Bloomberg News reported, citing anonymous sources.

Saudi officials expect income from oil sales to increase to 801.4 billion riyals in 2023 from 440 billion riyals in 2017, assuming the price of oil reaches $75 a barrel. The country expects its oil production to increase to an average of 10.45 million barrels a day in 2020 and to 11.03 million barrels in 2023, compared to 10 million barrels in 2017.

The Organization of Petroleum Exporting Countries, or OPEC, and its allies, including Russia, agreed last month to extend oil production cuts by nine months through the end of 2018.