Saudi oil exports down by nearly $12bln year-on-year in May

Compared with April, total exports - including non-oil exports of goods such as chemicals and plastics - decreased by 1.6%

  
An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Image used for illustrative purpose.

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Image used for illustrative purpose.

REUTERS/Ahmed Jadallah

DUBAI  - The value of Saudi Arabia's oil exports dropped by 65% year-on-year in May, or a fall of nearly $12 billion, official data showed on Thursday.

Compared with April, total exports - including non-oil exports of goods such as chemicals and plastics - decreased by 1.6%, or about $160 million, the General Authority for Statistics said.

Saudi Arabia, the world's largest oil exporter, is facing a deep recession this year amid the coronavirus crisis and lower oil revenues. 

(Reporting by Davide Barbuscia; Editing by Alex Richardson) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))


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