Saudi Arabia will generate$318bn in oil export revenues this year,based on a forecast average output level of 9.7mn b/d for the year and an expected average price of$105/bl for Saudi crude,Riyadh-based investment firm Jadwa says.This compares with revenues of$323bn last year,based on average output of 9.6mn b/d and an average price of$104.2/bl. The slight drop in this year’s pro-jected oil export earnings despite expecta-tions of marginally higher output and crude prices is the result of higher domes-tic demand,which is in turn attributable to the start-up of the 400,000 b/d Saudi Aramco-Total joint-venture refinery in Jubail,as well as to an increase in domes-tic fuel demand.Domestic oil demand of 3mn b/d last year was 4.2pc higher than in 2012,according to Opec’s latest Annual Statistical Bulletin.
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