Saudi Arabia Bags $118bn Trade Surplus In 9M 2018

Falling oil prices since October augur Q4 reversal.

Saudi Arabia’s export revenues over the first nine months of 2018 are already within touching distance of the full year 2017 figure. The kingdom’s latest trade data shows that export revenues over the period are up nearly 27% ($58.7bn) year-on-year.

Unsurprisingly, oil revenues account for the vast bulk of the rise, given that at $71/B over this timeframe Saudi Arabia’s key Arab Light crude grade is up 40% year-on-year. Meanwhile, gross liquids export volumes are up 9% over the same period to 9.14mn b/d and are on course to break 2016’s annual record ( MEES, 23 November ).

Quarterly oil (and total) revenues were the highest since oil prices collapsed in late 2014/early 2015, but this looks to prove the high-water mark for the immediate future. Oil prices collapsed through October and November, to stand at the lowest levels this year ( MEES, 30 November ) and will likely offset higher Saudi crude export volumes. (CONTINUED - 411 WORDS)

DATA INSIDE THIS ARTICLE

chart Saudi Exports Hit $26bn In September, But Oil Share Rises Above 80%
table Saudi Arabia Key Trade Figures ($Bn)