Saudi oil export revenues decreased, during last January, on an annual basis, with the decline in oil prices compared to the same period in 2021.
Official data – seen by the specialized energy platform – showed a decline in Saudi oil revenues in January, by approximately 1.7%, compared to the same period in 2022.
The report of the General Authority for Statistics on the Kingdom’s foreign trade during January 2023, issued today, Monday, March 27, indicated that merchandise exports recorded a decline of 2.8% on an annual basis.
Saudi oil exports
Revenues from Saudi oil exports decreased by 1.4 billion riyals ($0.37 billion), by 1.7%, while the proportion of oil exports in total exports increased from 77.2% in January 2022 to 78.1% in the same month of this year.
Last January, the value of Saudi exports amounted to about 105.1 billion Saudi riyals ($27.99 billion), down from 108.1 billion Saudi riyals ($28.78 billion) in January 2021.
Saudi oil exports declined in January to 82.11 billion Saudi riyals ($21.86 billion), from 83.5 billion Saudi riyals ($22.23 billion) in January 2022.
The statistics of the Joint Data Initiative (Judi) had shown that Saudi Arabia’s exports of crude oil increased by about 221 thousand barrels per day during the first month of 2023, to record the highest level in 3 months at 7.66 million barrels per day.
This comes in conjunction with an increase in crude oil production in Saudi Arabia by 18,000 barrels per day last January, to reach 10.45 million barrels per day.
The OPEC monthly report showed an increase in Saudi Arabia’s oil production last February, by 59 thousand barrels per day, bringing the total to 10.361 million barrels per day.
Saudi Arabia’s oil exports
Saudi oil export revenues declined by about 3.4 billion riyals ($0.91 million) on a monthly basis, compared to revenues for the previous month (December), which recorded 85.513 billion Saudi riyals ($22.77 billion).
And the data of the Statistics Authority had shown that Saudi oil revenues recorded a significant jump during the past year (2022), to record the highest level in 10 years.
Saudi oil export revenues in 2022 achieved an annual growth rate of 61.42%, reaching 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 reached 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.
And the Saudi budget for 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 2022 budget. .
The following infographic, prepared by the specialized energy platform, reveals the volume of Saudi oil revenues in 2022:
Saudi exports
The report of the Saudi Statistics Authority – which was viewed by the specialized energy platform – revealed a decrease in the value of commodity exports in January, compared to the previous month (December 2022), by 4 billion riyals ($1.07 billion), by 3.7%.
Non-oil exports also recorded, in January from 2-23, a decrease of 6.7%, compared to January 2022, recording 23 billion riyals ($6.12 billion), compared to 24.6 billion riyals ($6.55 billion). dollars) a year ago.
The report showed a decline in the value of non-oil exports compared to December 2022, by 0.6 billion riyals ($0.16 billion), or by 2.7%.
aspects of Saudi exports
China continued to be at the forefront of the main destinations for Saudi exports, during last January; The value of Riyadh’s exports to Beijing amounted to about 15.6 billion riyals ($4.15 billion), which represents 14.8% of total exports.
After China, Japan and India came, respectively, with a total of 11.7 billion riyals ($3.12 billion), or 11.2%, and 10.8 billion riyals ($2.88 billion), or 10.2% of total exports.
South Korea, the United States, the United Arab Emirates, Poland, Singapore, Bahrain and Taiwan were among the top 10 countries that Saudi Arabia exported to.
The total of Saudi exports to the 10 countries amounted to about 70.8 billion riyals ($18.85 billion), which represents 67.4% of total Saudi exports during the month of January.
Leave a Reply