Saudi Arabia’s crude oil exports slumped 17.8% year-on-year in the fourth quarter of 2023 to $60.5 billion, figures revealed Wednesday, with non-oil exports falling marginally.

Data released by the General Authority for Statistics (GASTAT) also showed that the kingdom’s crude exports also declined in December, falling 15.8% to 72 billion Saudi riyals ($19.2 billion) compared to 85.5 billion Saudi riyals ($22.8 billion) for the same period in 2022.

In terms of quantity, crude exports fell by 28,000 barrels in December to 6.31 million barrels per day (bpd) year-on-year, according to the Joint Organisations Data Initiative cited by Dow Jones.

The dip in exports was due to Saudi Arabia’s decision to reduce crude output in accordance with the Organization of Petroleum Exporting Countries (OPEC) and allies known as OPEC+. The kingdom has also been implementing its own voluntary cut in outputs since last July of 1 million bpd. Saudi officials say the cuts and those in concert with OPEC+ are to ensure the stability of oil markets. The global price of oil has remained relatively low despite geopolitical instability in the Middle East and in Ukraine, as dampened global demand offsets any price support from the wars. Crude was trading at around $77 Wednesday morning.