Thursday 26 Dec
Saudi Arabia's oil export revenues fell for the fourth consecutive month in September 2024, year-over-year. This decline is attributed to reduced export volumes due to ongoing voluntary production cuts implemented by the OPEC+ alliance.
Official data indicates a 24.5% year-over-year decrease in Saudi Arabia's oil revenues in September 2024. A report released by the General Authority for Statistics revealed a 14.9% year-over-year decline in total goods exports for the same month.
Specifically, Saudi Arabia's oil
export revenues dropped by 20.35 billion Saudi riyals ($5.42 billion). The
percentage of oil exports within total exports decreased from 79.7% in
September 2023 to 70.7% in September 2024.
Saudi Arabia's oil exports in
September 2024 totaled approximately 62.6 billion riyals ($16.68 billion), down
from 82.95 billion riyals ($22.09 billion) in the same month of 2023. The total
value of Saudi Arabia's exports in September 2024 reached 88.57 billion Saudi
riyals ($23.59 billion), compared to 104.1 billion Saudi riyals ($27.73
billion) in September 2023.
Saudi Arabia's oil export
revenues declined by 5.4% in the first half of 2024, amounting to a
year-over-year decrease of approximately $7 billion. This decline coincided
with the kingdom's voluntary production cuts within the OPEC+ agreements.
From January to June 2024, the
kingdom's oil export revenues decreased to $118.53 billion, compared to $125.3
billion in the same period of 2023. In the first quarter of 2024, the value of
Saudi Arabia's oil exports fell to $59.69 billion, down from $64.46 billion in
the same quarter of 2023.
In the second quarter of 2024, the value of Saudi Arabia's oil export revenues declined both quarterly and annually, reaching $58.84 billion compared to $60.84 billion in the same quarter of 2023.
