Saudi Arabia’s oil exports plunge $11 billion in first quarter

The worth of Saudi Arabia oil exports plunged by 21.9% yr on yr within the first quarter to $40 billion, similar to a decline of about $11 billion, official knowledge confirmed on Sunday.

Brent crude costs fell greater than 60% within the quarter damage by the coronavirus pandemic and an oil value battle between Saudi Arabia and Russia following the collapse in March of talks on additional manufacturing cuts.

The decline in oil exports was the principal purpose behind a 20.7% decline within the worth of total merchandise exports within the first quarter, the Basic Authority for Statistics mentioned on Sunday.

Non-oil exports, together with chemical compounds and plastics, fell by 16.5%, it mentioned.

China was the principal vacation spot for Saudi exports in Q1, adopted by Japan and India. China was additionally the principal origin for Saudi imports.

Saudi Arabia posted a $9 billion fund deficit within the quarter as oil income fell by 24% to $34 billion.

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