Saudi Press

Saudi Arabia and the world
Saturday, Jun 21, 2025

Saudi oil revenue for Q1 2023 calculated at $81 a barrel: Al Rajhi Capital 

Saudi oil revenue for Q1 2023 calculated at $81 a barrel: Al Rajhi Capital 

Saudi Arabia’s budgeted revenue for the first quarter of 2023 was “likely” revised to be based on the Brent price of $81 per barrel, according to a report issued by Al Rajhi Capital.
The report stated that the previous budget estimates were based on oil prices at approximately $77 a barrel, which was reassessed following the decision of the Organization of the Petroleum Exporting Countries and its allies to cut production.

“As per our assessment, the government’s 2023 budgeted revenues are likely based on an assumption of Brent at $81 per barrel,” said Mazen Al-Sudairi, head of research at Al Rajhi Capital.

Saudi Arabia’s total revenue is predicted to have reached SR1.13 trillion ($301 billion) in the first quarter, compared to SR1.12 trillion in the same period of 2022.

Increased spending on the military, education, and health sectors compared to the same period last year caused the budget to slip to a deficit of SR2.9 billion in the first quarter of 2023.

This year’s spending plan is in line with earlier projections but with a fiscal surplus of SR16 billion as opposed to SR9 billion estimated earlier.

Al-Sudairi noted that the additional expenditure “is reflective of the government’s measures to support economic growth.”

Non-oil revenues are likely to increase slightly above last year, backed by the non-oil gross domestic product growth.

“For 2023, we believe oil revenues could reach SR709 billion and non-oil revenue at SR421 billion,” added Al-Sudairi.

As for expenditure, the government anticipates spending roughly SR1.1 trillion this year, a 4.32 percent annual decrease from 2022 but consistent with earlier projections.

Since the government expects revenues to be higher than previously anticipated, a larger surplus of SR16 billion has been built in, according to the report.

In 2022, Saudi Arabia recorded a 31 percent rise in government revenues to reach SR1.26 trillion, the Ministry of Finance said last month.

The world’s top oil exporter recorded real GDP growth of 8.7 percent in 2022 leading to the Kingdom’s first budget surplus in almost a decade, coming in at SR103.9 billion, up from prior estimates of SR102 billion.

Oil revenue reached SR857.3 billion, while non-oil revenue was recorded at SR410.9 billion in 2022. However, non-oil revenue surged in the fourth quarter, rising 19 percent from the prior-year period, outperforming oil revenue which increased 17 percent in the fourth quarter, according to a Ministry of Finance report.

Total spending in 2022 rose 12 percent from the previous year to SR1.16 trillion. Saudi Arabia’s total public debt stood at just over SR990 billion at the end of 2022.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
×