In a six-year plan to balance the government’s budget, Saudi Arabia predicts that oil prices will rise to $75 per barrel by 2023, Bloomberg reports.
Under the plan, oil revenues are projected to rise to 801.4 billion riyals ($213.7 billion) from the current 440 billion riyals, the news agency reports.
Brent oil prices have rallied 17% this year, according to Bloomberg.
Saudi Aramco, as a leading member of OPEC, is party to a production-cut agreement. The agreement, implemented in January, requires its signatories to reduce production by 1.8 million barrels per day (b/d).