Saudi Arabia has recorded a surplus of $15.3 billion in the first quarter, despite increased income from the oil sector, as the officials kept spendings restrained.
The total government income for this year currently stands at 278 billion Riyals, which is 36% higher than the income at the same point in 2021. Similarly, the government expenditure rose by four percent and currently stands at $220.5 billion.
However, the capital expenditure of the Kingdom decreased by 1 percent. The increase is attributed to the oil revenue which went up to 58 percent in the first quarter. The increase in oil prices and the gradual increase in production by the kingdom.
In the first quarter, crude oil prices rose to $128 per barrel. It also hovered at $100 through that period. In December last year, the kingdom released its budget for the year 2022. The finance ministry plans to stick to its current expenditure plan drawn in the budget, reported Bloomberg.
The Kingdom has decided to stick with increased oil prices, in order to replenish its reserves or may transfer to one of its investment funds. The oil markets have once again revived the Saudi economy after a number of setbacks owing to various geopolitical reasons.
Oil giant Saudi Aramco on Sunday said that its profits soared more than 80% in the first three months of the year, as the state-backed company cashed in on the volatility in global energy markets and soaring oil prices following Russia’s invasion of Ukraine.
(With inputs from Associated Press)
