Saudi Arabia's foreign reserves to hit $581bn by end of 2022, Jadwa says

[dani191]

Saudi Arabia's foreign reserves to hit $581bn by end of 2022, Jadwa says​

Kingdom's oil production, which averaged 10.4 million bpd in April, is expected to stay in line with Opec+ targets​

Consumer prices in Saudi Arabia climbed 2.3 per cent yearly and 0.4 per cent monthly in April. Bloomberg

Sarmad Khan

Jun 02, 2022
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Saudi Arabia’s foreign exchange currency reserves are expected to climb to $581 billion by the end of this year, from $451.7bn in April, as the world's largest crude exporter benefits from the surge in oil prices, according to Jadwa Investment.
Foreign reserves at the Saudi Central Bank rose by $300 million a month in April, Asad Khan, chief economist and head of research at Jadwa, said in a research note on Thursday.
“The rise came mostly from bank deposits — up $3.1bn [in April] — while foreign securities declined by $2.3bn during the month,” Mr Khan said.

Saudi Arabia's oil revenue expected to rise 66% to $249bn
Saudi Arabia's inflation rate to hit 2.4% in 2022 on rising food prices: Jadwa
The kingdom pumped 10.4 million barrels of crude oil per day in April, in line with levels agreed by the 23-member Opec+ alliance, which has been shepherding the global oil market since 2016.
That was slightly higher than the 10.3 million bpd pumped in March, which earned the country about $30bn that month, according to Bloomberg data.

With oil prices up more than 70 per cent since last year, Saudi Arabia is set to “be the largest beneficiary in absolute terms” this year among oil-producing countries and is expected to reap about $400bn from its cornerstone industry in 2022, an increase of almost $250bn from 2021, energy consultancy Rystad Energy said in a report in April.
Jadwa forecasts about $342bn in oil export revenue for the kingdom this year.
Oil prices have rallied on the back of a tighter market, underinvestment in the energy industry and Russia’s military offensive in Ukraine.
Crude prices nearly hit $140 a barrel in March and went above $123 a barrel this week.
“An agreement by the European Union to ban seaborne Russian oil imports, easing of Covid-19 restrictions in China, which is expected to raise oil consumption, and an accelerated drawdown of already depleted oil stocks in the US prior to peak demand as the summer driving season approaches, all kept pressure on prices during the month,” Mr Khan said.

Looking ahead, Jadwa expects the kingdom's oil output to stay in line with Opec+’s declaration of co-operation, rising by an average of 130,000 barrels per day each month.

Moving forward, we expect oil output to stay in-line with Opec+’s declaration of co-operation, and thus rising by an average of 130,000 barrels per day each month
April, Asad Khan, chief economist and head of research, Jadwa Investment
The increased windfall from hydrocarbons has accelerated the kingdom's economic momentum.
Consumer spending in Saudi Arabia rose by 11.7 per cent a year in April, with hotels and clothing sectors recording the largest yearly rises during the month.
Consumer prices climbed 2.3 per cent annually and by 0.4 per cent on monthly basis in April.
Updated: June 02, 2022, 14:53

Saudi Arabia's foreign reserves to hit $581bn by end of 2022, Jadwa says

Kingdom's oil production, which averaged 10.4 million bpd in April, is expected to stay in line with Opec+ targets

www.thenationalnews.com

 

[ProudPak]

I bet the money is in America. Looool ... need I say more

 

[dani191]

I bet the money is in America. Looool ... need I say more

need to use the money to deversify the economy need to learn something from singapore

 

[_NOBODY_]

I bet the money is in America. Looool ... need I say more

What the hell are you on about? The US is just one of the countries not the only country where KSA has invested its money.

 

[ProudPak]

need to use the money to deversify the economy need to learn something from singapore

Need to learn from gaddafi saddam and other dictators....the house of Saud is built on sand....literally

 

[_NOBODY_]

@Khan2727 Khan sahab, I have an exam in two hours and I have to revise the syllabus so can you kindly post the stats about KSA's foreign investments and its plans to diversify its economy.

 

[salarsikander]

need to use the money to deversify the economy need to learn something from singapore

Does Israel Bhai ISlamic Oil from Saudia Arabia ? Is that Kosher ?

 

[dani191]

Does Israel Bhai ISlamic Oil from Saudia Arabia ? Is that Kosher ?

what?

 

[salarsikander]

what?

does Isreal Buy Islamic Oil from Saudia Arabia

 

[dani191]

does Isreal Buy Islamic Oil from Saudia Arabia

no

 

[BHAN85]

I bet the money is in America. Looool ... need I say more

No matter where is.

USD is just paper, and USA is who give it value.

And if someday twisted American elite wants, they can sanction (using Khasoggi or Yemen war as excuse) and all Saudi dollars will be worthless, because not a country in the world will sell them anything due to sanctions.

USA is a empire known by their lies, fantasies and backstabbings.
It's the main feature of that empire, the constant lie about everything in all levels of life, since internet paid trolls to big main press agencies. They lie and lie and lie, and make hollywood movies in the real world like 911 attacks.
And they backstab long term allies like Saddam, or provocate the impalements of another leaders like Gadafi.

USA is the bigger rogue state of the Earth.
And it's very dangerous in his postrimery.

 

[Muhammed45]

I bet the money is in America. Looool ... need I say more

So very true. During the reign of second Pahlavi king, Iran had to import its coca cola drink from USA in exchange for sold oil to American companies. USA doesn’t pay for its imported oil from middle eastern country in cash, they force the seller into buying American products from American companies through savings bonds. Saudi kingship is no different, they have to import every single consuming materials from USA or assemble it under special conditions in their own country which eventually leads to the same situation. This leads to complete dependence.

 

[aryobarzan]

No matter where is.

USD is just paper, and USA is who give it value.

And if someday twisted American elite wants, they can sanction (using Khasoggi or Yemen war as excuse) and all Saudi dollars will be worthless, because not a country in the world will sell them anything due to sanctions.

USA is a empire known by their lies, fantasies and backstabbings.
It's the main feature of that empire, the constant lie about everything in all levels of life, since internet paid trolls to big main press agencies. They lie and lie and lie, and make hollywood movies in the real world like 911 attacks.
And they backstab long term allies like Saddam, or provocate the impalements of another leaders like Gadafi.

USA is the bigger rogue state of the Earth.
And it's very dangerous in his postrimery.

I have recently come to the same conclusions that US will never allow that kind of money to depart the economy..They already have billions of Iranian and Russian
$$$$ confiscated (so much for banking principals!!) .US deficit accumulated is so large that they will never be able to allow any sovereign wealth fund to leave their economy..no country should trust western banking system..remember wealth of many countrie is just all numbers in their computers..when they decide those numbers can all become " 0000.00",just needs a Trump like signature!!...when they zero your account then what are you going to do..invade US of A??

 

[FuturePAF]

I bet the money is in America. Looool ... need I say more

Even if it’s true, at least now the Saudis are spending it to industrialize their country and diversifying their economy (under vision 2030), which opens up job opportunities for people from the region. It’s better (for the people of the region as well as the Saudi nationals) then to have the money being invested in western stock markets as the stocks are about to tumble. If Saudi investment in turn desert land into arable land becomes economically feasible it could help many countries, including Pakistan.

 

[HttpError]

Great achievement.