The Strategist

Saudi Arabia's oil exports revenue falls to the lowest since September 2021

07/26/2023 - 03:33

The General Statistics Office data shows that Saudi Arabia's income from oil exports decreased 37.7% in May. The figure was $19.2 billion in May of this year, the lowest since September 2021, and $30.8 billion in May of 2022.

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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).