OIL & GAS

Saudi Arabia’s oil exports climb 147 per cent to $16 billion in May

The value of Saudi Arabia’s oil exports in May increased 147 per cent to just over 60 billion riyals ($16 billion) from a year earlier while non-oil exports rose by 70 per cent, official data showed on Wednesday.

“Overall merchandise exports increased by 120.1 per cent in May 2021 compared to May 2020, when international trade was impacted by COVID-related lockdowns and travel bans in numerous countries”, the General Authority for Statistics said.

Oil exports accounted for 73.2 per cent of total exports, up from 65.3 per cent in May last year.

Non-oil exports rose to 22 billion riyals from 12.9 billion riyals in May 2020.

Saudi Arabia, the world’s top oil exporter, suffered last year as the COVID-19 pandemic hit energy demand and its state coffers as a result.

China remained Saudi Arabia’s main trading partner in May, with Saudi exports there corresponding to 21.4 per cent of total exports.

Source
ET Energy World
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