The onset of Opec+ voluntary production cuts coupled with weaker oil prices pushed Saudi oil export revenues down below $20bn in May for the first time since September 2021. The drop was in line with MEES expectations (MEES, 23 June), and further declines are on the way due to the start of Saudi Arabia’s additional 1mn b/d voluntary production cut in July.

With non-oil export revenues rising to a seven-month high of $6.7bn, oil’s 74.1% share of the export mix was the lowest since December 2021. The non-oil revenue gains were driven primarily by petrochemicals and exports of “Vehicles, aircraft, vessels and associated transport equipment.” (CONTINUED - 763 WORDS)