Amid a drop in demand and oil prices, in the first quarter the value of Saudi Arabia’s oil exports plunged by 21.9% year on year to $40 billion, corresponding to a decline of about $11 billion, official data showed earlier this month.

The value of Saudi Arabia’s oil exports dropped by 65.4% in April when compared to the same month a year earlier, or a fall of about $12 billion.

Compared to March, total exports – including non-oil exports of goods such as chemicals and plastics – decreased by 23.5%, or about $3 billion, the General Authority for Statistics said.

The world’s largest oil exporter could see its economy shrink by 6.8% this year, the International Monetary Fund said last week. 

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29th June 2020