Saudi Arabia’s oil export revenues rose nearly $10bn year-on-year to a 16-month high of $16bn for May. Driven by sharply rising oil prices and the tapering of Opec+ production cuts, Saudi Arabia’s core oil export revenues are increasingly robust and should climb further still over summer.
May’s $16bn eclipsed the previous 2021 monthly high of $14.1bn set in January, despite gross oil exports being significantly lower in May – 6.94mn b/d against 7.75mn b/d for January (see chart 1). The gains were instead primarily driven by the surge in oil prices this year. Prices for Saudi Arabia’s flagship Arab Light crude export grade have risen from $54.78/B in January to $67.72/B in May. (CONTINUED - 699 WORDS)