S Arabia records $20b surplus as oil price surges

RIYADH, Aug 5, (AFP): 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 percent 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).