Saudi Arabia expects higher oil revenue as Opec cuts boost prices

Dubai

SAUDI Arabia expects oil revenue to jump 12 per cent next year in a sign that the world's biggest crude exporter expects prices to keep rising in 2018.

The top Opec producer expects to collect 492 billion riyals (S$176.5 billion) from oil sales in 2018, compared with 440 billion riyals this year, the Saudi Finance Ministry said on Tuesday in a budget statement. Non-oil revenue will climb to 291 billion riyals from 256 billion riyals in 2017.