Saudi Arabia’s oil export revenues edged up in April to their highest level this year as the kingdom benefited from the oil price bump generated by the 2 April announcement of voluntary Opec+ cuts (MEES, 7 April). But with the price gains swiftly dissipating, May revenues look likely to have fallen sharply, potentially to their lowest levels since late-2021.
Total oil exports (crude and products) averaged 8.863mn b/d in April according to the latest Jodi statistics (see table). Although this was the lowest monthly figure since December 2022, the decline in export volumes was more than offset by the price of Saudi Arabia’s flagship Arab Light crude rising from $80.26/B in March to $85.65/B. Oil export revenues edged up from $22.2bn in March to $22.3bn in April as a result (see chart 1). (CONTINUED - 757 WORDS)