Riyadh sees strong global economy, oil demand next year

Saudi Arabia expects a healthy global economy in 2005 to sustain demand for its oil and petrochemical exports through next year and beyond, a senior central bank official said yesterday.

“Our confidence in the Saudi economy is as high as it has ever been and we expect it to continue,” Muhammad Al-Jasser, vice governor of the Saudi Arabian Monetary Agency (SAMA) told Reuters in an interview.

The world’s biggest oil exporter unveiled an expansive 2005 budget this month after reaping the highest revenues for its crude since the oil boom more than two decades ago.

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