Saudi Arabia's budget witnesses surplus after 2021 deficit

In this photo illustration the logo of “Saudi Aramco”, the national oil and gas company of Saudi Arabia, is displayed on a mobile phone screen and financial stock market graph is displayed on a computer screen in Ankara, Turkiye on May 12, 2022 [Ali Balıkçı/Anadolu Agency]

Saudi Arabia’s budget has witnessed a fiscal surplus of 135.4 billion riyals ($36.1 billion) during the first half of 2022 amid a rise in crude oil revenues.

The kingdom’s Ministry of Finance yesterday said in a statement that the country’s revenues had surged by “43 per cent in the first half of 2022, reaching 648.3 billion riyals ($172.88 billion),” adding that Saudi Arabia’s total expenses during the same period had increased by “ten per cent on an annual basis, hitting 512.9 billion riyals ($136.77 billion).”

“The kingdom’s crude oil revenues during the first half of this year amounted to 433.7 billion riyals ($115.65 billion),” the statement pointed out.

Saudi Arabia is the world’s third largest crude oil producer after the United States and Russia, with an average daily production of 10.6 million barrels. It is also the largest exporter globally, with over seven million barrels exported daily.

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