DAMMAM, 22 June 2003 — An economic report has projected that by the year 2020 Saudi oil production will reach 22.1 million barrels per day as a result of global demand. The report, prepared by economists in the Saudi British Bank, said the projected production was almost double the current crude production.
The report said that Saudi Arabia had the technology and resources to develop its oilfields and enhance their production capacity. The report estimated that the price of Saudi crude in the international market would average nearly $23 per barrel during the current year.
The report said the high oil price during the first quarter of this year — due to the war — gave a big boost to the economy and eliminated a budgetary deficit anticipated at SR39 billion by the Economic Ministry.
The Saudi British Bank report pointed to the Supreme Commission for Investment’s fears over the decrease of foreign investment after the war.
