Saudi Arabia’s oil revenues are strengthening markedly, as the kingdom benefits from a rare combination of rising export volumes and rising prices.
Longer-term, sustained high prices may prove negative for Saudi Arabia, encouraging rival producers to bring more output online and potentially accelerating the energy transition away from oil. But for now, Riyadh will enjoy the revenue gains as it eyes its smallest budget deficit since 2013 (MEES, 1 October). (CONTINUED - 1021 WORDS)
