Saudi oil exports fell almost 40% in May from the same period a year ago, latest government data released on Tuesday showed, weighing on overall total exports, amid an extension of voluntary production cuts and lower oil prices.
The value of oil exports declined to 72 billion riyals in May from 115.5 billion riyals last year, the General Authority for Statistics said, down 37.7 %, with the share of oil exports in total exports down to 74.1% from 80.8% in May 2022.
Overall merchandise exports fell 32.1% in May this year to 97.1 billion riyals from 143 billion riyals in May 2022. Amid softer oil prices, Saudi Arabia said earlier this month it would prolong an extra production output cut on top of a broader OPEC+ deal, and hasRecent data from the Joint Organizations Data Initiative showed Saudi crude oil exports in May fell to aChina was the top destination for Saudi exports, receiving 17.4% of the total, followed by India and Japan. It was also the top importer of goods into Saudi Arabia, accounting for just over 23% of total imports into the country in May.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
40% of Sports Supplements Don't Contain Ingredients On The Label, US Study Finds'You get what you pay for' isn't an adage we can always rely upon.
Read more »
The 40 Best Episodes of Futurama, RankedAnd good news, everyone! We’re ranking the top 40 episodes of the entire frequently revived series.
Read more »
5 hospitalized after truck crashes into 40-foot ravine near Lake PleasantPeoria Police say a group of people inside a car near Lake Pleasant drove off the road and landed on the car's roof Sunday night.
Read more »
2024 Volkswagen Jetta GLI limited edition celebrates 40 years of the GTI sedan - AutoblogLaunched in 1984, the Volkswagen Jetta GLI is celebrating its 40th birthday with a commemorative model that's limited to 1,984 units.
Read more »
Bitcoin whale exchange inflow share hits 1-year high — over 40%Bitcoin whales account for the biggest exchange flow portion in a year at current BTC levels.
Read more »