Economics

Toll of Virus, Oil on Saudi Budget Laid Bare With Revenue Plunge

Oil and non-oil revenue both fell over 40% year-on-year
Kingdom facing double crisis from pandemic, oil market turmoil

A social distancing marker sits on the floor at a supermarket in Riyadh, on May 19 — A social distancing marker sits on the floor at a supermarket in Riyadh, on May 19
Photographer: Tasneem Alsultan/Bloomberg

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By Vivian Nereim and Abeer Abu Omar

July 28, 2020 at 1:38 PM UTC

Updated on

July 28, 2020 at 5:28 PM UTC

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Saudi Arabia suffered a simultaneous decline in oil and non-oil revenue as the global pandemic combined with lower energy prices to jolt the kingdom’s public finances.