Al-Rajhi Capital sees Saudi oil revenues reaching $145bn in 2021

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Updated 30 September 2021
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Al-Rajhi Capital sees Saudi oil revenues reaching $145bn in 2021

RIYADH: Saudi oil revenues are expected to reach SR545 billion ($145.3 billion) by the end of 2021, while total state revenues could reach SR925 billion, according to a note from Al-Rajhi Capital on the Saudi budget forecast released today.

The split between oil and non-oil revenues were not revealed in the government statement, the investment arm said, adding it based its estimates on Brent prices of $75 per barrel, with a Saudi average oil production of 9.1 million barrels per day, of which 6.2 million to be exported by the end of the year.

The bank's estimate for non-oil revenue is at SR380 billion, unchanged from an earlier forecast, and it is driven by the increase in VAT last year to 15 percent from 10 percent.


Maersk to resume Suez Canal sailings for MECL service

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Maersk to resume Suez Canal sailings for MECL service

  • Shipping companies are weighing a return to the critical Asia-Europe trade corridor more than two years after they started rerouting vessels around Africa following Yemeni Houthi rebels’ attacks

OSLO: Shipping group Maersk will resume sailings via the Red Sea and the Suez Canal for its ​MECL service, connecting the Middle East and India with the US east coast, the Danish company said on Thursday.
“Maersk has decided to implement a structural return to the trans-Suez route for all MECL service sailings,” the company said in a statement, ‌adding that this ‌was part of a ‌stepwise approach ⁠for ​its ‌fleet.
Shipping companies are weighing a return to the critical Asia-Europe trade corridor more than two years after they started rerouting vessels around Africa following Yemeni Houthi rebels’ attacks on ships in the Red Sea in what they said ⁠was a show of solidarity with the Palestinians in Gaza.
Maersk ‌on Monday said one ‍of its vessels ‍had tested the route as a ceasefire in ‍Gaza raised hopes for normal shipping traffic.
The change for the MECL service comes into effect with a sailing departing Oman’s port of Salalah on January ​26.
The Suez Canal is the fastest route linking Europe and Asia and, until ⁠the Houthi attacks, had accounted for about 10 percent of global seaborne trade, according to Clarksons Research.
The ceasefire in the Gaza conflict, in place since October last year, has renewed hope of normalizing Red Sea traffic.
The ceasefire has ended major combat in Gaza over the past three months, but both sides have accused the other of regular violations. More than 440 ‌Palestinians and three Israeli soldiers have been killed since the truce took effect.