Saudi Arabia is expected to see its oil revenues surge by 66 percent this year to around $249 billion on the back of higher oil prices and rising oil production as part of the OPEC+ agreement, Riyadh-based Jadwa Investment said on Wednesday. “As oil prices remain elevated, and Saudi crude oil production rises in line with the Opec+ agreement, we expect government oil revenue to continue showing sizeable yearly rises,” Asad Khan, chief economist and head of research at Jadwa Investment, wrote in a research note carried by The National . Oil prices above $100 a barrel contribute to high export revenues for the world’s largest crude oil exporter and raise significantly the royalties and income tax Saudi Arabia’s Finance Ministry receives from oil production activity. Jadwa Investment expects Saudi Arabia to start raising government expenditures in the coming quarters, especially for programs part of its Vision 2030 strategy. […]