Saudi Arabia released its November trade stats this week, showing that oil exports dropped to $24.0bn for the month. This was the lowest figure since January 2022, and puts oil export revenues back to levels last seen before Russia’s invasion of Ukraine spooked markets. Despite the drop, November took year-to-date oil export revenues to a massive $303.5bn. With similar revenues expected for December, a full year figure of around $327bn is likely. This would be the second highest figure on record, behind only 2012’s $337.5bn. As for 2023, expectations of lower oil prices point to a slight drop this year, but concerns over supply shortages in the second half of the year could still keep revenues above the $300bn mark.