Saudi Arabia's oil revenue falls to three-year low as OPEC+ cuts bite
A low price environment and sustained production cuts have impacted Riyadh's ability to earn more oil revenue.
Saudi Arabia's oil revenue fell to a three-year low in June as the world's largest oil-exporting country sees sales of its main commodity squeezed by ongoing OPEC+ cuts.
Saudi Arabia earned 66.314 billion Saudi riyals ($17.683 billion) from the sale of its oil in world markets in June 2024, according to data from the General Authority for Statistics. The revenue earned was 12.6% lower than in May and is the lowest since August 2021, data showed.
Oil revenue remained dominant in the Saudi economy, accounting for 75.4% of overall revenue. Non-oil export revenues, meanwhile, declined 17.9% in the month of June to $4.18 billion. The non-oil sector accounted for 17.9% of revenue earned by the Saudi state in June.
James Swanston is a senior Middle East and North Africa economist for Capital Economics. Saudi Arabia's oil revenue took a hit from both "price and volume impact," he told Al-Monitor.
