Higher Oil Prices Push Saudi Quarterly Revenue Up 67%

Saudi Arabia’s second-quarter budget revenue increased 67 percent from the year-earlier period, Bloomberg reports.

Revenue climbed to 273.6 billion riyals ($73 billion), boosted by an 82 percent increase in oil revenue; non-oil revenue rose 42 percent to 89.4 billion riyals ($24 billion), while the budget deficit fell to 7.4 billion riyals ($2 billion), according to Saudi Arabia’s Ministry of Finance.

Diversifying Saudi Arabia’s economy away from oil is a key part of the Kingdom’s reform plans, but higher oil prices help in the mean time.

As Bloomberg notes, higher oil prices can help support growth while gradually over time introducing measures that would help boost revenue from other sources.