Higher oil revenues push Saudi budget to Q3 surplus

Higher oil revenues push Saudi budget to Q3 surplus

London, 31 October (Argus) — Saudi Arabia recorded its first quarterly budget surplus for more than two years in the third quarter on the back of higher oil revenues, the ministry of finance said today.

The government budget saw a surplus of $1.8bn in the third quarter of this year, up from a deficit of $1.23bn in the previous quarter, and a deficit of $10.9bn in the corresponding quarter in 2020.

Oil revenues in the quarter stood at $39.46bn, up 60pc on the $24.7bn it generated in the third quarter last year, supported by higher oil prices and rising output as Saudi Arabia unwound its production cuts under the ongoing Opec+ deal.