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The value of Saudi Arabia’s oil exports plunged by 54.8 percent year over year in June, or by US$8.7 billion (32.6 billion Saudi riyals), data from Saudi Arabia’s General Authority for Statistics showed on Wednesday.
The Kingdom’s oil exports as a share of its total exports declined from 77.1 percent in June 2019 to 61.9 percent in June this year, according to the General Authority for Statistics.
The value of total Saudi exports fell by 43.6 percent in June 2020 compared to June 2019. However, the value of the June 2020 exports compared to May 2020 increased by 19.1 percent, or by US$1.86 billion (6.98 billion Saudi riyals), also because of the higher oil prices in June compared to May.
Since Saudi Arabia initiated the oil price war in March, the value of the Kingdom’s exports have dropped in each of the following months through June, data from official Saudi statistics show, as prices plummeted with the coronavirus-driven demand crash and the Saudis flooding the market with oil in April.
Oil revenues for the world’s largest oil exporter, Saudi Arabia, continued to slide in May after the Kingdom ended its oil price war with Russia, with the income from oil exports plunging by 65 percent year on year, data from the General Authority for Statistics showed last month.
The value of Saudi Arabia’s oil exports plunged by US$11.8 billion (44.277 billion Saudi riyals), or by 65.0 percent year on year in May, the General Authority for Statistics said.
The share of oil exports in total exports declined from 78.6 percent in May 2019 to 65.4 percent in May 2020.
The drop in oil revenues for May followed a similar drop of US$12 billion in Saudi oil revenues for April, when the Kingdom made good on its promise to flood the market with oil, contributing to the oil price plunge to the lowest level since 1999 together with the crash in demand during the lockdowns in Europe and the United States.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.