Prices of Arabian Light oil, the major type of crude exported by Saudi Arabia, are expected to fall by 12 percent next year as demand declines, according to National Commercial Bank, the kingdom’s largest bank by assets.
Arabian Light will average $95 a barrel next year from an average 2011 price of $107.80, the Jeddah-based lender said in an e-mailed report today. This year’s price rose 39 percent from last year, according to the report.
Saudi Arabia’s average oil production may fall to 8.8 million barrels a day next year from 9.2 million as demand from Europe weakens, the bank said.
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