Saudi Arabia's Oil Revenue Soars to $210 Billion Amid War-Driven Price Surge

Saudi Arabia's oil revenue has surged to $210 billion due to higher crude prices, despite reduced shipments caused by the Iran war. This marks a significant increase from the pre-war figure of $150 billion.

The annualized revenue now accounts for over 6% of Saudi Arabia's gross domestic product, according to estimates. Robin Brooks, a senior fellow at the Brookings Institution, has described the kingdom as 'perhaps the only winner in this war'.

The Brent crude futures have gained around 75% this year and are currently trading near $107 per barrel, offsetting the decline in export volumes. Before the conflict began in February, Saudi Arabia shipped about 7 million barrels of oil per day, but volumes fell to less than 4 million barrels per day in March and April.

The kingdom has managed to recover some of its lost exports through the Strait of Hormuz, thanks in part to U.S. military protection of tankers. This has allowed Saudi Arabia to shift shipments back toward Persian Gulf ports after attacks disrupted its East-West pipeline route.