Saudi oil export revenues appear to have bottomed out in May when oil markets were struggling with the economic uncertainty generated by new US tariffs (MEES, 25 April). This is extremely welcome news for Riyadh as oil accounts for around 70% of total export revenues, and the kingdom is bracing for a huge annual deficit (MEES, 1 August).
Oil export revenues dropped to a four-year low of just $15.8bn in May, but swiftly rebounded to a three-month high of $17.2bn in June due to a combination of structural and temporary issues. (CONTINUED - 638 WORDS)
