Saudi Arabia’s crude oil exports averaged 5.7mn b/d for Q3 according to data intelligence firm Kpler. This was down 195,000 b/d year-on-year and 165,000 b/d from Q2 (see chart 1), in line with seasonal domestic demand trends which mean that Q3 is typically the kingdom’s low-export quarter.
Saudi Export Revenues Trend Down Amid Lower Prices
Saudi oil export revenues have been steadily trending down since March as prices have dipped despite continued production cuts. The recent return of geopolitical risk premiums has provided a modest boost, but this may quickly fade with 2024 on pace for a 10% revenue decline.
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Charts
1: Saudi Crude Exports* Down 200,000 B/D Year-On-Year For Q3 ('000 b/d)
2: Saudi Fuel Oil* Imports Surged In Q3 (‘000 b/d)
3: Saudi Arabia’s Monthly Oil Export Revenues Are Down Year-On-Year ($bn)
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