Saudi Arabia plans to increase oil output

Saudi Arabia plans to increase oil output

Baku. 2 October. REPORT.AZ/ Saudi Arabia has unveiled the state budget for 2019.

Report informs citing the foreign media that expenditures are planned to increase by 7% to 1.1 trillion riyals ($295 billion), of which 70% will come from oil export. Revenues are forecasted to make 978 billion riyals, up 11% from 2018 budget. The difference is mainly related to sharp increase in oil price.

The Saudi government expects serious changes in oil market in 2019. Finance Minister Mohammad al Jadaan said in his comment that the goal of such a clear compilation of the budget arises from the intention to conduct large-scale reforms within Vision 2030 program which aims to put an end to economy's dependence on oil. Thus, it is planned to shift to a balanced budget by 2023, and the success of the reforms will depend on stability in the oil market. 

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