RIYADH Saudi Energy Minister Khalid al-Falih said on Thursday that the kingdom had based its 2017 budget on a "conservative" scenario for oil prices, though he was optimistic that global prices would rise above current levels in the coming years.
Falih did not reveal the specific oil price assumption used to compile the budget, however. Oil revenues are projected to increase 46 percent to 480 billion riyals ($128 billion) in 2017.
He added that the kingdom was moving ahead with its development projects regardless of oil prices.
(Reporting by Marwa Rashad and Reem Shamseddine; Writing by Rania El Gamal; Editing by Andrew Torchia)