Saudi oil export revenues increased, during last December, on an annual basis, supported by the rise in oil prices and the increase in exports compared to the same period in 2021.
And official data – seen by the specialized energy platform – showed that Saudi Arabia’s oil revenues increased, in December, by approximately 11.1%, compared to the same period in 2021.
The report of the General Authority for Statistics on the Kingdom’s foreign trade during December 2022, issued today, Tuesday, February 21, indicated that commodity exports recorded an increase of 1.1% on an annual basis.
Saudi oil exports
Revenues from Saudi oil exports increased by 8.5 billion riyals ($2.27 billion), by 11.1%, while the proportion of oil exports out of total exports increased from 71.9% in December 2021 to 79% in the same month last year.
Last December, the value of Saudi exports amounted to about 108.2 billion Saudi riyals ($28.85 billion), up from 107 billion Saudi riyals ($28.53 billion) in December 2021.
Saudi oil exports rose, in December, to 85.515 billion Saudi riyals ($22.80 billion), from 76.980 billion Saudi riyals ($20.52 billion) in December 2021.
Statistics from the Joint Data Initiative (JODI) showed that Saudi Arabia’s crude oil exports rose in December, after falling to a five-month low last November.
Saudi oil exports rose by 2.2% to 7.44 million barrels per day in December, from 7.28 million barrels per day in November, despite a slight decline in production from 10.47 million barrels per day in November to 10.44 million. barrels per day during December.
Saudi commodity exports
Revenues from Saudi oil exports declined by about 4.5 billion riyals ($1.20 million) on a monthly basis, compared to revenues for the previous month (November), which recorded 90 billion Saudi riyals ($23.97 billion).
And the data of the Statistics Authority had shown that Saudi oil revenues recorded a significant jump, during the first 9 months of last year (2022), with an increase of 83.68%, on an annual basis.
Saudi revenues from selling barrels of oil increased to $253.37 billion, during the period from January to the end of last September (2022), compared to $137.94 billion during the same period of 2021.
The following infographic, prepared by the specialized energy platform, reveals the volume of Saudi oil revenues during the first 9 months of 2022:
Saudi budget
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 budget. 2022.
Saudi budget data 2023 showed that oil revenues in the Kingdom increased by 50% over the past year, recording levels of 842 billion riyals ($224.27 million).
The average oil production until October was 10.6 million barrels per day, an increase of 18.7% over the same period of the previous year; Given the Kingdom’s commitment to the OPEC + agreement, with the aim of achieving balance and stability in the oil markets.
Revenues from Saudi oil exports supported the Kingdom’s budget during 2022 to record the first surplus since 2013, according to official data seen by the energy platform.
The increase in Saudi oil export revenues came with the support of its high prices, which rose to their highest levels in 14 years in March 2022, in the wake of the Russian-Ukrainian war.
Saudi exports
The report of the Saudi Statistics Authority – which was reviewed by the specialized energy platform – revealed a decrease in the value of commodity exports in December, compared to the previous month (November 2022), by 4.6 billion riyals ($1.23 billion), by 4%.
Non-oil exports also recorded, in December 2022, a decrease of 24.4%, compared to December 2021, recording 27.7 billion riyals ($7.39 billion), compared to 30.1 billion riyals ($8.03 billion). a year ago.
The report showed a decline in the value of non-oil exports compared to November, by 0.04 billion riyals ($0.011 billion), by 0.2%.
aspects of Saudi exports
China continued to be at the forefront of the main destinations for Saudi exports, during last December. The value of Riyadh’s exports to Beijing amounted to about 16.2 billion riyals ($4.32 billion), which represents 15% of total exports.
After China, Japan and India came, respectively, with a total of 12.6 billion riyals ($3.36 billion), or 11.6%, and 11.3 billion riyals ($3.01 billion), or 10.6% of total exports.
South Korea, the United States, Egypt, the United Arab Emirates, Poland, Singapore and Malaysia were among the top 10 countries to which Saudi Arabia exported.
The total of Saudi exports to the 10 countries amounted to about 72.1 billion riyals ($19.22 billion); This represents 66.6% of total Saudi exports during the month of December.
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