Saudi Arabia’s oil export revenues dropped by 25% year-on-year to $126bn for the first half of 2023 as lower oil prices took their toll. With oil prices slow to respond to fresh Opec+ voluntary cuts since May, revenues in June of $19.2bn were down by a massive $11.9bn year-on-year (see chart 1). The gap will likely have widened further for July due to the impact of Saudi Arabia’s additional 1mn b/d voluntary production cut (MEES, 9 June).
Saudi Oil Export Revenues Down 25% For 1H 2023
Saudi oil export revenues were down more than $10bn year-on-year in June as lower prices and deeper cuts took their toll. Imports from Russia surged to new highs in Q2.
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Charts
1: Saudi Monthly Oil Export Revenues Are Now More Than $10bn Below Year-Ago Levels ($bn)
2: Saudi Quarterly Exports By Market ($bn): Europe Remains Well Above Pre-2022 Levels
3: Saudi Imports From Russia Soared In Q2, With The 1h 2023 Total Of $2.1bn Just Shy Of 2022’s Full Year Figure Of $2.2bn ($mn)
REFERENCED MEES ARTICLES
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