Saudi oil export revenues declined, during last February, 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 February, by 11.7%, compared to the same period in 2022.
The report of the General Authority for Statistics on the Kingdom’s foreign trade during February 2023, issued today, Saturday, April 15, indicated that merchandise exports recorded a decline of 12.7% on an annual basis.
Saudi oil exports
Revenues from Saudi oil exports decreased by 10.6 billion riyals ($2.83 billion), by 11.7%, while the proportion of oil exports in total exports increased from 78.4% in February 2022 to 79.3% in the same month of the current year.
Last February, the value of Saudi exports amounted to about 101.1 billion Saudi riyals ($26.95 billion), down from 115.8 billion Saudi riyals ($30.87 billion) in February 2022.
Saudi oil exports declined in February to 80.2 billion Saudi riyals ($21.38 billion), from 90.8 billion Saudi riyals ($24.21 billion) in February 2022.
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.
During March 2023, Saudi Arabia’s oil production increased 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
Saudi oil export revenues declined by about 1.9 billion riyals ($0.51 million) on a monthly basis, compared to revenues for the previous month (January), which recorded 82.11 billion Saudi riyals ($21.89 billion).
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. .
And the data of the Statistics Authority had shown that Saudi oil revenues recorded a big jump during the past year (2022), to record the highest level in 10 years, as it achieved 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 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.
Saudi exports
The Saudi Statistics Authority report – which was reviewed by the specialized energy platform – revealed a decrease in the value of commodity exports in February, compared to the previous month (January 2022), by 4.7 billion riyals ($1.25 billion), by 4.5%.
Non-oil exports also recorded, in February from 2-23, a decrease of 16.4%, compared to February of 2022, recording 20.9 billion riyals ($ 5.57 billion), compared to 25 billion riyals ($ 6.67 billion). a year ago.
The report showed a decline in the value of non-oil exports compared to January 2023, by 2.8 billion riyals ($0.75 billion), or by 11.9%.
China is the first destination for exports
China came at the forefront of the main destinations for Saudi exports, during last February; The value of Riyadh’s exports to Beijing amounted to about 17.6 billion riyals ($4.69 billion), which represents 17.4% of total exports.
Japan and India came, respectively, with a total of 10.2 billion riyals ($2.72 billion), or 10.1%, and 9.9 billion riyals ($2.64 billion), or 9.7% of total exports.
South Korea, the United States, the United Arab Emirates, France, Belgium, Egypt and Singapore were among the top 10 countries that Saudi Arabia exported to.
The total of Saudi exports to the 10 countries amounted to about 66.9 billion riyals ($17.84 billion), which represents 66.1% of total Saudi exports during the month of February.
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Read: Saudi oil export revenues declined by $2.8 billion in February on the energy platform
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