The value of Saudi Arabia's oil exports jumped by 123.2 percent in June 2021 compared to the same month of 2020, the Kingdom's General Authority for Statistics said on Tuesday.
Saudi oil exports rose to $16.4 billion (61.45 billion Saudi riyals) in June 2021, from $7.4 billion (27.65 billion riyals) in June 2020, the data showed, as oil prices rallied this year after the slump in the spring of 2020 due to the pandemic and the oil price war Saudi Arabia started in March 2020.
This year, the surge in oil exports pushed the value of total Saudi exports up by 40.5 percent in June, the official data showed.
In addition, the share of oil exports in total exports increased from 62.0 percent in June 2020 to 72.1 percent in June 2021.
Saudi Arabia's oil exports in June also rose compared to May 2021, when the Kingdom's oil sales were valued at US$16.1 billion (60.5 billion riyals), up by 146.7 percent year over year.
Saudi Arabia's crude oil exports hit a five-month high in June at nearly 6 million barrels per day (bpd) as the world's top oil exporter and entire OPEC+ group continued to ease the cuts amid recovering global demand.
Saudi Arabia's crude oil exports in June rose for a second consecutive month to reach 5.965 million bpd, data from the Joint Organisations Data Initiative (JODI) showed last week. That was the highest export volume since January 2021.
The Saudis are receiving much more revenues from oil this year, especially compared to the second quarter of last year, when ultra-low prices and the OPEC+ deal limited oil revenues for the key oil-exporting nations.
In the second quarter of 2021, the value of Saudi oil exports jumped by 126.1 percent year on year, according to the International Trade Q2 2021 data from the General Authority for Statistics also published today. Saudi oil exports soared to $46.4 billion (174.1 billion riyals) in Q2 2021 from $20.5 billion (77.1 billion riyals) in Q2 2020.
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. More