Oil Loss Worries Saudi Arabia

Press, Volume CVII, Issue 31412, 4 July 1967, Page 15

Oil Loss Worries Saudi Arabia

(N.Z.P.A.-Reuter —Copyright!

AMMAN, July 3.

The Saudi Arabian Cabinet decided yesterday to form a committee to study the remaining part of this year’s Budget—aiming at cancelling some projects and squeezing expenditures—Mecca Radio reported.

It said the measure was taken in view of the “decrease of income from oil after the stoppage of flow and the absence of any other source of income to make up for the present and future losses from oil.” The Saudi Arabian newspaper, “Al-Bilad,” has said that oil revenues account for 90 per cent of national income.

Two Saudi Arabian newspapers have called for the unconditional resumption of oil exports.

The Mecca paper, “AlNadwa,” said yesterday “we must safeguard our markets and earn money to build the country and improve our position.”

“The battle demands more power, which is only possible through larger incomes and more markets, not less.” “Al-Bilad” said Saudi Arabia would be glad to sacrifice its oil income to liberate Palestine, “but Arabs and the oil-producing countries today face a disaster which will only benefit Israel and communism.”