Oil boost will cover for Riyadh’s increased spending plans

05 October 2011

Saudi Arabia plans to use increased revenues from petrodollars to fund $130bn social benefits package

The increase in Saudi Arabia’s oil revenues brought about by high prices will allow the kingdom to pay for its increased spending plans.

The kingdom’s Finance Minister Ibrahim al-Assaf has been quoted in the local al-Eqtisadiah newspaper as saying the increase in revenues will be used to cover the $130bn Riyadh wants to spend on social infrastructure projects, such as housing and job creation.

Saudi Arabia is the world’s largest exporter of oil and has an estimated $500bn of reserves at its disposal. Oil has been trading at more than $100 a barrel for most of 2011.

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