DUBAI: Saudi Arabia posted a deficit of 109.2 billion riyals ($29.12 billion) in the second quarter this year as low oil prices impacted state coffers, according to a finance ministry quarterly budget performance report.

The world's largest oil exporter saw oil revenues decline by 45pc year-on-year in the second quarter to $25.5 billion while total revenues dropped 49pc to nearly $36 billion.

Total expenditures in Q2 dropped annually by 17pc to around $65 billion, the document showed.