Saudi Arabia's oil revenue falls to $88.85bln in 9 months

Over the third quarter of the year, oil revenues reached $28.91bln

  
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

Riyadh –] Saudi Arabia saw a drop in oil revenue by 41.5% year-on-year (YoY) during the first nine months of 2020, driven by a decline in crude and petroleum products exports.

The kingdom’s oil revenue stood at SAR 333.17 billion in the nine-month period ended in September 2020, compared with SAR 569.02 billion in the prior-year period, according to data collected by Mubasher based on official figures.

Over the third quarter (Q3) of the year, oil revenues reached SAR 108.44 billion, a decline of 39.76% when compared to SAR 180 billion in the same period a year earlier.

In the January-September period, the Gulf country’s exports of crude oil and petroleum products went down by 6.96% YoY to reach 2.12 billion barrels.

In the meantime, average daily oil exports decreased by 7.2% on an annual basis to 7.739 million barrels per day (b/d).

Likewise, the revenue of non-oil exports shrank by 15.5% on a yearly basis or SAR 26.26 billion to total SAR 143.42 billion.

Non-oil revenues totalled SAR 53.39 billion in Q3-20, down by 4.4% yearly, but hit SAR 18.21 billion in September, the highest this year.

Source: Mubasher

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