Dubai
Friday, August 12, 2022
  • Prayer time
  • Expo 2020
  • Things To Do
  • Auto
  • Property
  • Sports
  • Transport
  • Economy
  • Education
  • Government
  • Fashion
  • Tech
  • More
    • World
    • Crime
    • Weather
No Result
View All Result
Morning News
Home Economy

Saudi Arabia records $20 billion surplus as oil prices rise

05/08/2022
Reading Time: 1 min read
96
VIEWS
Share on FacebookShare on Twitter

.

RELATED POSTS

10-year Dubai cultural visa application among services on offer as new agreement announced

Bank of England raises rates by half-point to tame inflation

Saudi Arabia said Thursday it had achieved a rare budget surplus of over $20 billion in the second quarter of 2022, as oil revenues surged 90 per cent compared to a year ago.

Despite being among the world’s top crude exporters and the largest Arab economy, Saudi Arabia has failed to balance its books since the 2014 oil price slump, forcing the Gulf state to borrow to make up for shortfalls.

In the second quarter of 2022, Saudi Arabia earned more than it spent, with a surplus of 78 billion riyals ($20.8 billion), the finance ministry said.

The surplus is largely due to oil revenues rising to more than 250 billion riyals, compared to around 132 billion during the same period in 2021, a jump of 89 percent.

Saudi Arabia has benefited from both an economic bounce after restrictions imposed to tackle the Covid-19 pandemic were eased, and then again as oil prices surged following Russia’s invasion of Ukraine.

In December, Saudi Arabia approved its 2022 budget projecting a surplus for the first time since oil prices slumped in 2014.

Economists had said the kingdom needed a crude price of around $80 a barrel to balance the budget.

Prices have exceeded $100 in recent months, though they have since fallen.

On Wednesday, the OPEC+ oil cartel, led by Saudi Arabia and Russia, decided to undertake a small production increase for September.

Source

ShareTweet

Related Posts

10-year Dubai cultural visa application among services on offer as new agreement announced

10-year Dubai cultural visa application among services on offer as new agreement announced

08/08/2022
98

. An agreement announced on Sunday will help establish new businesses in select creative economy sectors and support their long-term growth in Dubai CommerCity. These services include applying for a long-term cultural...

Bank of England raises rates by half-point to tame inflation

Bank of England raises rates by half-point to tame inflation

04/08/2022
100

. The Bank of England raised interest rates by half a percentage point Thursday, marking its biggest interest rate increase in more than 27 years as it seeks to tame accelerating inflation...

Turkish inflation hits almost 80%, peak might be near

Turkish inflation hits almost 80%, peak might be near

03/08/2022
97

. Turkish inflation rose to a fresh 24-year high of 79.6 per cent in July, data showed on Wednesday as the lira’s continued weakness and global energy and commodity costs pushed prices...

Bangladesh seeking $2 billion from World Bank, ADB

Bangladesh seeking $2 billion from World Bank, ADB

03/08/2022
96

. Bangladesh is seeking $2 billion from the World Bank and the Asian Development Bank (ADB) amid efforts to bolster its foreign exchange reserves, Bloomberg News reported on Wednesday. Bangladesh’s $416 billion...

Sri Lanka seeks remittances jump start from electric cars

Sri Lanka seeks remittances jump start from electric cars

03/08/2022
100

. Sri Lanka offered its overseas workers the right to buy electric vehicles duty-free on Tuesday to encourage them to send money home and boost the cash-strapped nation’s depleted foreign exchange reserves....

RECOMMENDED

US: Social media model charged with killing boyfriend in Florida

US: Social media model charged with killing boyfriend in Florida

12/08/2022
96
South Korean President pardons Samsung leader in bribery case

South Korean President pardons Samsung leader in bribery case

12/08/2022
96
Commonwealth Games 2022: Two Pakistani boxers go missing in Britain after event ends

Commonwealth Games 2022: Two Pakistani boxers go missing in Britain after event ends

12/08/2022
96
Kohli begins training ahead of Asia Cup in UAE

Kohli begins training ahead of Asia Cup in UAE

12/08/2022
96

MOST VIEWED

  • How to sew handmade shoes for the first persons and heads of state

    How to sew handmade shoes for the first persons and heads of state

    0 shares
    Share 0 Tweet 0
  • Dubai’s best restaurants 2022

    0 shares
    Share 0 Tweet 0
  • Ronaldinho, Figo and Kaka among star names at Omega Pro Legends Cup in Dubai – in pictures

    0 shares
    Share 0 Tweet 0
  • Mohamed Salah’s daughters star on the pitch at Anfield – in pictures

    0 shares
    Share 0 Tweet 0
  • Welcome to Expo Village: the new up-and-coming residential community in Dubai

    0 shares
    Share 0 Tweet 0
  • TheKIEV.city
[email protected]
2022 © "TheDUBAI" Media Group.
All Rights Reserved
No Result
View All Result
  • Prayer time
  • Expo 2020
  • Things To Do
  • Auto
  • Property
  • Sports
  • Transport
  • Economy
  • Education
  • Government
  • Fashion
  • Tech
  • More
    • World
    • Crime
    • Weather

Copyright © 2022. "TheDUBAI" Media Group. All Rights Reserved