Saudi oil exports down 40pc in May
Thursday, 27 July 2023
DUBAI, July 26 (Reuters): Saudi oil exports fell almost 40 per cent in May from the same period a year ago, latest government data released on Tuesday showed, weighing on overall total exports, amid an extension of voluntary production cuts and lower oil prices.
The value of oil exports declined to 72 billion riyals ($19.20 billion) in May from 115.5 billion riyals last year, the General Authority for Statistics said, down 37.7 per cent, with the share of oil exports in total exports down to 74.1 per cent from 80.8 per cent in May 2022.
Overall merchandise exports fell 32.1 per cent in May this year to 97.1 billion riyals from 143 billion riyals in May 2022.
Recent data from the Joint Organisations Data Initiative (JODI) showed Saudi crude oil exports in May fell to a 19-month low.