Saudi Arabia’s oil revenues are flowing in at the highest rate in three years Saudi Arabia is already close to pre-pandemic production levels of 9.8 million barrels daily, and oil demand is still rising fast. This bodes well for next year’s revenues, too As a result, Saudi Arabia now expects to shrink its budget deficit to just 1.6 percent of GDP in 2022 Saudi Arabia’s oil revenues are flowing in at the highest rate in three years, Bloomberg reports , thanks to the strong price recovery since the start of this year. Revenues from oil hit $19 billion in July, according to Bloomberg data, which was a considerable improvement on last year, when revenues—like revenues across oil-producing nations—plunged, hurting their economies. For OPEC’s largest producer, the trough was reached in May-April last year, when oil revenues plunged to around $7 billion. Revenues have risen in tune with production. According […]