Saudi oil export revenues increased to a six-month high $18.3bn in July from $17.2bn in June, thanks to Opec+ production increases and strong refining margins (see chart 1). Far from crashing oil markets, the accelerated unwinding of Opec+ cuts has been comfortably absorbed so far, with Saudi Arabia’s flagship Arab Light export grade averaging a four-month high $72.17/B for July.
Saudi Banks Revenue Gains from Opec+ Increases
Saudi Arabia’s oil export revenues strengthened markedly through the summer, driven by production increases, stabilizing oil prices, and a pivot to refined product exports amid strong margins. Although another full year revenue decline is likely, the extent of the fall will be much more modest than appeared likely in April.
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Charts
1: Saudi Arabia's Monthly Oil Export Revenues ($bn) Have Rebounded After Their 'Liberation Day' Slump. July's $18.3bn Was The Highest Monthly Figure Since January
2: Saudi Arabia's Monthly Oil Export Revenues ($bn)
3: Saudi Arabia Oil Export Revenues Set For Third Consecutive Annual Decline, But The Outlook Has Improved Markedly In Recent Months ($bn)
4: Saudi Oil Exports ('000 b/d): Refined Products Exports Rise To A Record Level Overall And As A Share Of The Total For July
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