Oil revenue rose 28% from the previous quarter as crude prices jumped. Saudi oil output remains well below prewar levels after Iranian attacks and the closure of the Strait of Hormuz disrupted exports. But Saudi Arabia has found ways to get at least some barrels out. EFG Hermes estimates that Saudi Arabia now needs oil near $115 per barrel to cover spending, up from about $96 last year. Saudi Arabia is producing less oil, earning more from it, and posting a smaller deficit while its economy contracts.