Saudi Arabia’s oil revenues fall to the lowest level since September 2021
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Saudi Arabia’s oil revenues fell 37.7% in May, according to report Main Department of Statistics. In May 2022, they amounted to $30.8 billion, and in May this year – $19.2 billion. This is the lowest figure since September 2021.
The report shows a marked decline in the share of oil sales in the kingdom’s foreign trade. Now it is 74% against 81% last year.
Last year, Saudi Arabia benefited greatly from the sharp rise in oil prices against the backdrop of the launch of a special military operation by Russian troops in Ukraine. This year, the kingdom has decided to cut production in order to maintain a high level of prices in the market.
Russia, Saudi Arabia, Iraq, UAE, Kuwait and other OPEC+ countries Deal in April to cut oil production. Saudi Arabia later announced that it would voluntarily cut production by another 1 million barrels per day (b/d) in July. At the beginning of July it became knownthat the kingdom intends to extend into August a voluntary cut in oil production in the same volume – by 1 million barrels per day. Oil production in Saudi Arabia will remain at the level of 9 million b/d.
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