Economics

Oil Bounty Sends Saudi Arabian Budget Surplus to $21 Billion

Government spending picked up at faster pace in second quarter
Oil revenue is behind first budget surplus in almost decade

An oil processing facility at the Shaybah oil field in the Rub' Al-Khali desert, also known as the 'Empty Quarter,' in Shaybah, Saudi Arabia. — An oil processing facility at the Shaybah oil field in the Rub' Al-Khali desert, also known as the 'Empty Quarter,' in Shaybah, Saudi Arabia.
Photographer: Simon Dawson/Bloomberg

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By Abeer Abu Omar and Vivian Nereim

August 4, 2022 at 1:31 PM UTC

Updated on

August 4, 2022 at 3:54 PM UTC

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Saudi Arabia’s budget surplus grew to 77.9 billion riyals ($21 billion) in the second quarter, driven by a surge in oil prices and production even as spending picked up.