The global uncertainty surrounding energy supply has done Saudi Arabia good. In 2022, more than 103.9 billion riyals remained on the Saudi shelf. Converted, that equates to a budget surplus of nearly $28 billion, Reuters writes based on data from the Saudi Arabian Ministry of Finance.
Oil revenues alone accounted for more than $228 billion in revenue in the Middle Eastern kingdom. The country’s total income amounted to $1.268 trillion, or more than $337 billion.
The data is positive for Crown Prince Mohammed bin Salman. The income from oil production has not been that high since the beginning of his rule over the country. The growth is therefore mainly due to the uncertainty that the war in Ukraine has brought with it in the field of fuel deliveries.
Falling oil prices
Despite the high numbers, Saudi Arabia has seen a reduction in revenues in the final months of 2022. So much so that a $12 billion budget deficit emerged in the last quarter. This is mainly due to the decline in oil prices during that period.
Source: BNR
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
