- Saudi Arabia’s oil export revenues declined by 15.5% in August 2024 compared to the previous year.
- The decline was primarily driven by lower oil prices and weaker global demand, particularly in China.
- The Iranian-Israeli conflict and OPEC+’s planned reversal of production cuts could impact Saudi Arabia’s oil exports and economy in the coming year.
Lower crude oil prices dragged Saudi Arabia’s oil export revenues to the lowest level in more than three years in August, amid underwhelming oil demand and continued supply constraints from the world’s top crude exporter.
The value of Saudi Arabia’s oil exports in August 2024 stood at $17.4 billion (65.3 billion Saudi riyals), down by 15.5% from $20.6 billion (77.3 billion riyals) in August 2023, data from the Kingdom’s General Authority for Statistics showed on Thursday.
The August 2024 oil export revenues also fell by 6% from July, and hit their lowest level for any month since June 2021, according to Bloomberg’s estimates.
