Saudi Arabia earned 66.314 billion Saudi riyals ($17.683 billion) from the sale of its oil on world markets in June 2024, Al-Monitor news website reported on August 23.
According to Saudi Arabia’s General Authority for Statistics, oil revenues were 12.6% lower than in May this year. This is the lowest since August 2021.
The revenue decline is due to a reduction in crude oil production in Saudi Arabia. According to OPEC, production in July was 8.93 million barrels per day, compared with 9.01 million barrels per day in May.
Revenues are also affected by the low oil price situation. The reduction in production in OPEC+ countries did not help to keep prices at a high level.
Note that Saudi Arabia’s oil revenues are the main ones, accounting for approximately 75% of total revenues.
Source: Rossa Primavera
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