The surge in oil prices following the Russian invasion of Ukraine in late February has caused Saudi monthly oil export revenues to jump above $30bn for the first time since 2014. The kingdom’s flagship Arab Light crude grade averaged $113/B in March amid the fallout from the conflict, pushing export revenues to $30.4bn despite a drop in export volumes.
This is by far the largest monthly export revenue figure since oil prices plummeted in late 2014, and equates to almost $1bn every since day. The previous post-2014 high was set in October 2018, but was a much more modest $22.9bn (see chart 1). The reversal in fortunes from mid-2020’s Covid-19-hit market nadir is dramatic. March’s $30.4bn is $10bn more than the kingdom’s oil exports generated for the entirety of 2Q 2020. (CONTINUED - 817 WORDS)
