Saudi oil exports hit new low, dropping by more than one-third

In May of this year, Saudi Arabia’s value of oil exports hit a low of just over $19 billion, reported the kingdom’s General Authority for Statistics. This includes both crude and refined products.
A flame from a Saudi Aramco oil installion known as "Pump 3" is seen in the desert near the oil-rich area of Khouris, 160 kms east of the Saudi capital Riyadh, on June 23, 2008. Oil producers are at war with speculators but they have been left speculating themselves over the future of their precious commodity after a unique summit, analysts said. Government ministers and traders alike are anxiously waiting to see which way prices go in coming weeks after Sunday's summit of consumers and producers, which Sau
A flame from a Saudi Aramco oil installion known as Pump 3 is seen in the desert near the oil-rich area of Khouris, 160 kilometers east of the Saudi capital, Riyadh, on June 23, 2008. - NAAMANI/AFP via Getty Images
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Salim A. Essaid
@salim_a_essaid

DUBAI — Saudi Arabia’s oil exports dropped by more than one-third to their lowest value since September 2021, Bloomberg reported on Tuesday, affecting oil prices. 

In May of this year, Saudi Arabia’s value of oil exports hit a low of just over $19 billion, reported the kingdom’s General Authority for Statistics. This includes both crude and refined products. 

Compared year-on-year in May, oil exports decreased by 37.7%, or $11.6 billion, from May 2022 to May 2023, according to the data agency. Also, the overall share of oil exports in total exports fell from 80.8% in May 2022 to 74.1% the following year in May. 

Last year, the kingdom saw higher crude prices and production levels. The Brent crude oil spot price averaged $100 per barrel in 2022, and the West Texas Intermediate (WTI) spot price averaged $95 per barrel, according to the United States Energy Information Administration. 

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