Saudi Arabia reported a budget surplus of 57.5 billion riyals ($15.3 billion) in the country’s first quarter of this year amid continued spending restraint despite rising oil revenues, Bloomberg writes.

The country’s total government revenue totaled 278 billion rials, up 36% from the same quarter a year ago, while spending rose 4% over the same period to 220.5 billion rials. Capital expenditure declined by 1% as KSA relies more on its sovereign wealth fund to finance projects and domestic investments.

The increase in budget revenues was mainly driven by the main item, oil. Oil export revenues grew 58% year-on-year on the back of rising oil prices. At the same time, the Kingdom gradually increased production. The oil price reached a high of $128 per barrel in the first quarter and averaged nearly $100 in the period.

The KSA Finance Ministry said it will stick to the 2022 spending plans outlined in the December budget reading, using higher oil revenues to replenish its reserves or one of its investment funds.

Oil giant Saudi Aramco (TADAWUL:2222) reported its biggest profit since listing on the stock exchange after oil prices surged following the start of Russia’s special operation in Ukraine.

Saudi Arabia’s fortunes have risen after it was hit hard by a sharp drop in oil prices during the pandemic, giving officials greater geopolitical clout and more money. The International Monetary Fund last month raised its estimate of Saudi Arabia’s economic growth by 3 percentage points.