The full extent of Saudi Arabia’s soaring oil revenue has been revealed, topping SAR250 billion ($66.8 billion), in the second quarter of 2022, more than double that of non-oil revenue.

The country recorded an 89% increase in oil revenue year-on-year from Q2 2021 to Q2 2022, while non-oil revenue stood at SAR120 billion, up by 3%.

Oil revenue for the first half of 2022 was SAR434 billion, compared with SAR248.7 billion in the first half of 2021, an increase of 75%.

Oil revenues in Q1 of 2022 reached SAR183.7 billion and non-oil revenues were up by 5% year-on-year in the first half of 2022.

The kingdom’s total revenues also rose by 49% to SAR370 billion in Q2, and 43% to SAR 648 billion for H1, leading to a budget surplus of SAR77.9 billion.

Oil revenue, which slumped during the COVID-19 pandemic, has been boosted by spiralling demand brought about by oil embargoes on Russia imposed after the invasion of Ukraine, which began just over halfway through Q1 2022.

Russia accounted for 14% of global oil supply in 2021.

(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)