Saudi budget surplus hits record on surging oil prices

Oil powerhouse Saudi Arabia announced on Wednesday a record budget surplus of more than 77 billion dollars for 2006 thanks to surging crude prices.

The surplus of 290 billion riyals (77.5 billion dollars), unveiled in the central bank’s annual report, compares with initial forecasts of a 14.7 billion dollar surplus and a final figure of 58 billion dollars in 2005.
For 2007, Saudi Arabia — the world’s biggest oil producer — has projected a surplus of just 5.3 billion dollars, while oil prices this year have topped 80 dollars a barrel.

The central bank also said the balance of payments was in the black to the tune of more than 99 billion dollars.

AFP