Revenues from Saudi oil exports declined by $8 billion in March

Saudi oil export revenues declined, during last March, on an annual basis, with the decline in average oil prices compared to the same period in 2022.

And official data – seen by the specialized energy platform – showed that Saudi Arabia’s oil revenues decreased, in March, by 26.5%, compared to the same period in 2022.

The report of the General Authority for Statistics on the Kingdom’s foreign trade during March 2023, issued today, Thursday, May 25, indicated that commodity exports recorded a decline of 25.3% on an annual basis.

Saudi oil exports

Revenues from Saudi oil exports decreased by 30 billion riyals ($8 billion), by 26.5%, while the percentage of oil exports in total exports decreased from 79.6% in March 2022 to 78.3% in the same month of the current year.

Last March, the value of Saudi exports amounted to about 106.1 billion Saudi riyals ($28.29 billion), down from 142 billion Saudi riyals ($37.86 billion) in March 2022.

Saudi oil exports declined, in March, to 83.1 billion Saudi riyals ($22.16 billion), from about 113.1 billion Saudi riyals ($30.16 billion) in March 2022.

The OPEC monthly report showed an increase in Saudi Arabia’s oil production last March, by 44,000 barrels per day, bringing the total to 10.405 million barrels per day, according to data seen by the specialized energy platform.

Saudi Arabia’s oil exports

Revenues from Saudi oil exports increased by about 2.9 billion riyals ($0.77 million) on a monthly basis, compared to the revenues of the previous month (February), which recorded 80.2 billion Saudi riyals ($21.38 billion).

And official data had shown that Saudi Arabia’s income from oil revenues declined by 3% in the period from January to the end of March (2023) to 178.6 billion riyals ($47.62 billion) compared to 183.7 billion riyals ($48.98 billion) for the same period of 2022.

Saudi oil export revenues were affected by the decline in oil prices during the first months of this year, compared to the same period in 2022, when Brent crude futures rose to their highest levels since July 2008, bringing the closing price on March 8, 2022 to $127.98 a barrel.

It is noteworthy that the Saudi budget 2023 expected a decline in oil revenues by 12.1% during the current year, amid indications of a decline in average oil prices compared to last year.

Official data – seen by the specialized energy platform – revealed that oil revenues and profits from government investments, sales of goods and services, in addition to penalties and fines, are expected to record about 808 billion riyals ($214.88 billion) during 2023 compared to 919 billion riyals in the budget. 2022.

And Saudi oil revenues recorded a big jump during the past year (2022), to rise to the highest level in 10 years, achieving an annual growth of 61.42%, to reach its highest level since 2012.

The value of Saudi oil exports rose during the past year to $326.16 billion, compared to $202.05 billion in 2021, supported by the rise in oil prices, which hit record levels during the first half as a result of the Russian-Ukrainian war, before its gains were curtailed at the end of the year.

Saudi exports

The report of the Saudi Statistics Authority – which was reviewed by the specialized energy platform – revealed an increase in the value of commodity exports in March, compared to the previous month (February 2022), by 4.4 billion riyals ($1.17 billion), by 4.4%.

Non-oil exports also recorded, in March of 2023, a decrease of 20.6%, compared to March of 2022, recording 23 billion riyals ($6.13 billion), compared to 28.9 billion riyals ($7.71 billion) a year earlier. .

The report showed an increase in the value of non-oil exports compared to February 2023, by 1.5 billion riyals ($0.40 billion), or by 7.2%.

China is the first destination for exports

China topped the main destinations for Saudi exports, during last March, as the value of Riyadh’s exports to Beijing amounted to about 18.2 billion riyals ($4.85 billion), which represents 17.1% of total exports.

Japan and India came second and third, respectively, with a total of 10 billion riyals ($2.67 billion), or 9.5%, and 9.2 billion riyals ($2.45 billion), or 8.7% of total exports.

South Korea, the United Arab Emirates, the United States of America, Malaysia, Poland, Bahrain and France were among the top 10 countries that Saudi Arabia exported to.

The total of Saudi exports to the 10 countries amounted to about 68.5 billion riyals ($18.27 billion), which represents 64.6% of total Saudi exports during the month of March.

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