Saudi Arabia's budget deficit more than doubles as oil revenues fall Saudi Arabia's quarterly budget deficit more than doubles as the kingdom's oil revenues drop sharply amid the war between the United States and Iran. In the third quarter, the government recorded a budget deficit of 84 billion riyals, about 145% higher than the corresponding period last year. The source also mentions 116 billion riyals, but the sentence does not clearly identify what this figure refers to. Meanwhile, oil revenues fell by nearly 40% compared to the previous quarter, while overall expenses fell by 8%. This coincides with an economic contraction of 3.8% in the same period, which is mainly driven by the reduction of activity in the oil sector.

Saudi Arabia's budget deficit more than doubles as oil revenues fall Saudi Arabia's quarterly budget deficit more than doubles as the kingdom's oil revenues drop sharply amid the war between the United States and Iran. In the third quarter, the government recorded a budget deficit of 84 billion riyals, about 145% higher than the corresponding period last year. The source also mentions 116 billion riyals, but the sentence does not clearly identify what this figure refers to. Meanwhile, oil revenues fell by nearly 40% compared to the previous quarter, while overall expenses fell by 8%. This coincides with an economic contraction of 3.8% in the same period, which is mainly driven by the reduction of activity in the oil sector.