War Sends Saudi Oil Output Down and Revenue Up

Saudi Arabia’s quarterly budget deficit shrank by nearly three-quarters in the second quarter, courtesy of the same war that hammered its oil industry and sent the economy into its steepest contraction since the pandemic. The Kingdom posted a 34.3-billion-riyal—or $9.1-billion—shortfall for the three months through June, down from 125.7 billion riyals in the first quarter, according to the finance ministry. Oil revenue rose 28% from the previous quarter as crude prices jumped. As for spending, it fell 3.5%. War, as it turns out,…