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The kingdom's proportion in foreign commerce from oil sales has significantly decreased, and currently stands at 74%, down from 81% the year before.
Last year, when Russia started the open conflict in Ukraine, oil prices rose sharply, favoring Saudi Arabia greatly. The kingdom has chosen to reduce output levels this year in order to maintain high market pricing.
In April, Russia, Saudi Arabia, Kuwait, the UAE, Iraq, and the other OPEC+ nations came to an agreement to reduce oil production. Later, Saudi Arabia revealed that it would voluntarily cut its output in July by an additional 1 million barrels per day (bpd).
source: reuters.com
Last year, when Russia started the open conflict in Ukraine, oil prices rose sharply, favoring Saudi Arabia greatly. The kingdom has chosen to reduce output levels this year in order to maintain high market pricing.
In April, Russia, Saudi Arabia, Kuwait, the UAE, Iraq, and the other OPEC+ nations came to an agreement to reduce oil production. Later, Saudi Arabia revealed that it would voluntarily cut its output in July by an additional 1 million barrels per day (bpd).
source: reuters.com
