Saudi Arabia’s foreign assets are forecast to reach a new peak of SR1.9 trillion at the end of 2011, the National Commercial Bank, or NCB, said.
The sustained strong oil prices coupled with higher crude output pushed the Kingdom’s foreign assets to a record high of more than SR1.8 trillion at the end of May this year.
The bank said the country boosted supply to one of its highest levels of 9.4 million bpd to offset Libya’s supply disruption. It noted that in recent years, the Kingdom’s policy of stockpiling foreign assets has been noticeable, adding that this policy has not changed.
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