Saudi oil exports this year may fall as much as 12% from last year’s record to $165 billion as the world’s largest oil exporter restricts production as part of Opec quotas, an HSBC Holdings affiliate said.
Average production may fall as much as 6% to 8.65 million barrels per day, while the average price of Saudi crude could be $59 per barrel, close to last year’s record of $60.50, Riyadh-based SABB bank said in a report on the Saudi economy.
HSBC owns 40% of SABB, formerly known as Saudi British Bank.
The kingdom, the world’s largest holder of oil reserves, sold $187.6 billion of crude in 2006, the bank said.
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