Saudi Arabia's oil export revenues could fall 41 per cent to $172 billion next year due to lower production and prices, a local investment bank said.

This will result in the kingdom posting real economic growth of 1.5pc next year, which would be the lowest since 2002, Jadwa Investment said in a report.

Saudi Arabia's average daily production is expected to shrink 8.7pc to 8.4 million barrels per day (bpd) next year, down from an average 9.2m bpd this year, it said.

Lower oil prices and production and an increase in domestic consumption will drive down oil export revenues to $172bn next year from an expected $292.7bn this year, it said.

The lower oil export revenues will cause the kingdom's current account surplus to fall to 8.4pc of GDP next year, down from 32.6pc of GDP this year, Jadwa said.

l Opec plans to announce an output cut of 2m barrels a day, as the group seeks to prop up oil prices amid crumbling demand and rising crude stocks in consuming countries.

'There will be a cut of about 2m barrels,' Saudi Oil Minister Ali Al Nuaimi said yesterday ahead of an Opec ministerial meeting today. 'Supply is still somewhat in excess' of demand, he said.

'Inventories are also higher than normal. To bring things in balance there will be a cut of about 2m barrels.'