Jadwa: Saudi oil revenues to jump 66% in 2022

Jadwa Investment revealed in recent estimates that Saudi oil revenues will keep rising during the current year to reach SR 935 billion, with 66% jump compared to the last year, adding that the first quarter of 2022 showed a budget surplus of SR 57.5 billion, so the surplus for the year of 2022 as a whole is expected to reach SR 298 billion.

The Kingdom of Saudi Arabia announced this week the budget for the first quarter of this year, with revenues amounting to SR277.96 billion, expenditures SR220.47 billion, and a surplus of 57.5 billion. Oil revenues jumped 58% to SR 183.7 billion from SR 116.6 billion in the same period of 2021, while non-oil revenues rose 7% to SR 94.3 billion from SR 88.2 billion.

Meanwhile, Brent crude prices leaped 69% during the 1st quarter (Y/Y) to $103 a barrel.

Jadwa reported that non-oil revenues rose 7% or by SR 6 billon to SR 94.3 billion from SR 88.2 billion, but the company expected the non-oil revenues would decline 9% in 2022.

The governmental expenditures rose 4% to hit SR220.47 billion and the surplus is 63.88% of the targeted total surplus for 2022 as a whole, which amounted to SR 90 billion. The Saudi Finance Ministry has estimated revenues to hit SR 1045 billion, expenditures SR 955 billion and the surplus to reach SR 90 billion.