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.