The worth of Saudi Arabia’s oil exports dropped by 65.four per cent in April when in comparison with the identical month a 12 months earlier, or a fall of about $12 billion, official knowledge confirmed on Thursday. In comparison with March, complete exports – together with non-oil exports of products reminiscent of chemical compounds and plastics – decreased by 23.5 per cent, or about $three billion, the Basic Authority for Statistics mentioned.
Amid a drop in demand and oil costs, within the first quarter the worth of Saudi Arabia’s oil exports plunged by 21.9 per cent 12 months on 12 months to $40 billion, similar to a decline of about $11 billion, official knowledge confirmed earlier this month. The world’s largest oil exporter may see its financial system shrink by 6.eight per cent this 12 months, the Worldwide Financial Fund mentioned this week.
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