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15-02-22
Predictions for Al Rajhi Capital to registers rises in oil profits
(MENAFN) Based on Al Rajhi Capital's forecasts, Saudi Arabia is predicted to register a rise in its oil profits after the transmission of 4 percent of Aramco's stocks to the country’s sovereign wealth fund.
The country is currently estimated to register a surplus of SR125 billion (USD33.3 billion) this year over higher oil profit, increasing from SR90 billion (USD40 billion) predicted earlier by the government.
The investment subsidiary of Al Rajhi bank stats that oil profits are on their way to hit SR680 billion (USD181.2 billion) after the transfer that is worth SR300 billion (USD79.9 billion).
Al Rajhi Capita's expectations for Saudi oil revenue is based on a median output of 10.5 million barrels for each day, and a median Brent price of USD80.
MENAFN15022022000045013568ID1103698986
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