The Kingdom of Saudi Arabia recorded a decrease in the revenues of its oil exports during the first half of 2023 on an annual basis. In conjunction with the decline in the price level compared to the same period last year, which witnessed a noticeable increase in global oil prices; As a result of the Russian-Ukrainian war, knowing that Russia is one of the largest oil producers within the OPEC + alliance.
Statistics prepared by Mubasher, based on recent official data of the General Authority for Statistics in the Kingdom, showed a decrease in the value of petroleum exports by 24.86% during the first half of 2023 on an annual basis, with a decline of 156.68 billion riyals ($41.78 billion) compared to the same period last year.
The value of Saudi oil exports amounted to 473.45 billion riyals ($126.25 billion) in the first half of 2023, compared to 630.13 billion riyals ($168.04 billion) in the same period of 2022.
Saudi oil export revenues fell last June to 71.86 billion riyals ($19.16 billion), which is the lowest level in 21 months (nearly two years); Since it reached 69.38 billion riyals ($18.5 billion) in September 2021.
The value of petroleum exports decreased in June 2023 by 38.26%, recording a year-on-year decline for the sixth month in a row, compared to 116.4 billion riyals ($31.04 billion) in the same month last year.
Since the beginning of this year, global oil prices have ranged between $70 and $88 per barrel, while Brent crude prices averaged $100.94 per barrel in 2022, with the repercussions of the Russian-Ukrainian war.
In terms of exported quantities, Saudi crude oil exports declined during the month of June 2023 to their lowest level in 21 months.
Crude oil exports decreased to 6.804 million barrels per day last June, which is the lowest level in 21 months since it declined to 6.516 million barrels per day in September 2021, compared to 6.928 million barrels per day in May 2023.
Total oil exports (crude and products) decreased in June 2023 to the lowest level in 21 months, recording 8.151 million barrels per day, which is the lowest level of exports in 21 months since September 2021 when it fell to 7.840 million barrels per day.
The total crude oil production in the Kingdom recorded an increase during the month of June 2023 on a monthly basis, according to data from the Organization of the Petroleum Exporting Countries (OPEC).
total crude oil production increased; According to OPEC data, based on secondary sources, by 22 thousand barrels per day during the month of June; To record 9.998 million barrels per day, compared to 9.976 million barrels per day in May, and compared to 10.496 million barrels per day in April.
It is noteworthy that oil export revenues affected the Kingdom's total merchandise exports in the first half of 2023; It decreased by 23.6% year on year.
The value of the Kingdom's total exports (oil, non-oil, and re-exported goods) amounted to 606.98 billion riyals ($161.86 billion) in the first half of 2023, compared to 794.91 billion riyals ($211.98 billion) in the same period of 2022.
Saudi Arabia's non-oil exports also decreased by 25.3% in the first half of 2023 to 103.61 billion riyals ($27.63 billion), compared to 138.74 billion riyals ($36.99 billion) in the same period last year.
