OPEC kingpin Saudi Arabia has posted a budget surplus of 81.6 billion U.S. dollars for 2011.

According to its finance ministry, these revenues turned out to be double the forecast.

Economy Report has more.

The finance ministry said on Monday in a statement that revenues surged to 296 billion U.S. dollars, while expenditure hit 214.4 billion dollars.

Saudi Arabia traditionally uses a conservative price for oil of around 60 dollars per barrel in its budget forecast.

The kingdom has pumped crude over its quota this year to cover a shortage resulting from the conflict in Libya.

Last year, Saudi Arabia posted a 17 percent budget surplus, or 28.9 billion dollars, despite soaring spending thanks to high crude prices.

For 2012, the kingdom expects a small surplus of 3.2 billion dollars, with revenues expected to hit 187.2 billion dollars and expenditure surging to 184 billion dollars.

Finance Minister Ibrahim al-Assaf says the country's GDP is expected to grow by 6.8 percent this year.

He also said public debt was expected to drop by the end of 2011.