RIYADH: Saudi Arabia’s non-oil income reached SR149.86 billion ($39.96 billion) in the second quarter of 2025, up 6.6% from the same time the previous year. This is a significant fiscal milestone, as non-oil revenues now make up 49.7 percent of overall government income, up from less than 40 percent a year ago, according to figures from the Ministry of Finance’s quarterly budget performance report.
During this time, oil revenue decreased by 28.76 percent to SR151.73 billion from SR213 billion in the previous year. This resulted in a 15% yearly decline in overall government income, reaching SR301.6 billion.
The Kingdom’s aim for economic diversification under Vision 2030 and the voluntary reductions in oil production put in place under OPEC+ agreements in late 2023 to stabilize world prices are the two primary factors driving the change.
Throughout 2025, these reductions—which started at 1 million barrels per day—have been undone gradually, with output increases of 138,000 barrels per day in April and 411,000 barrels per day increments in May and June.
As the country tries to strike a compromise between regaining market share and maintaining market stability, production is expected to recover to pre-cut levels by September, quicker than originally anticipated.
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