Saudi Arabia’s oil exports have slumped this year amid swingeing production cuts (MEES, 23 August) and the kingdom’s latest trade figures highlight the economic hit.
Total export revenues are down by $6.3bn (2.8%) year-on-year over the first half of 2019. Given that oil prices rose in the second half of 2018 while Saudi Arabia pushed exports to record highs, it seems likely that come that the gap will widen in the second half of the year. Especially with Riyadh pledging to persist with deep production cuts in a bid to balance the market (MEES, 16 August). (CONTINUED - 621 WORDS)