Saudi Arabia's Oil Revenues Soar Amid War with Iran

Saudi Arabia's oil revenues have surged significantly due to higher crude prices, despite the ongoing war with Iran and attacks on its oil infrastructure. According to Robin Brooks, a senior fellow at the Brookings Institution, this has made Saudi Arabia a clear winner of the conflict.

The rise in crude prices has more than offset the decline in export volume for Saudi Arabia. Brent crude futures have seen a sharp increase of about 60% on a year-to-date basis, trading at around $97 per barrel. Despite Saudi Arabia's oil exports falling from 7 million barrels per day before the war to less than 4 million in March and April, they have since rebounded to 5.5 million.

This has resulted in Saudi Arabia's annualized export revenues growing 40% from $150 billion pre-war to $210 billion, a windfall of over 6% of GDP. Brooks noted that the longer this conflict lasts, the better for Saudi Arabia. He added that Iran is expected to emerge from the war 'massively' weakened and reliant on foreign aid for reconstruction.