*Saudi Arabia’s key oil exports rose nearly 50% last quarter as global oil markets emerged from the historic Q2 demand collapse. The kingdom accrued $28.9bn in oil export revenues in Q3, up from just $20.3bn the previous quarter (see chart), but still down considerably on pre-Covid levels.
*The revenue boost highlights the impact that the Opec+ production cuts have had on stabilizing the market. After all, Saudi oil exports (crude and products) fell to their lowest level since 4Q 2010 last quarter. At just 6.91mn b/d over Q3, they were a staggering 1.39mn b/d less than in the previous quarter. (CONTINUED - 212 WORDS)
