Saudi Arabia’s oil export revenues fell by $1.2bn from September to $25.5bn in October, the lowest figure since Russia’s invasion of Ukraine spooked global markets. The drop came as average prices for Saudi Arabia’s flagship Arab Light crude fell by $3/B to $96.20/B for October. This more than counterbalanced a rise in gross oil exports (crude and products) to a 30-month high of 9.36mn b/d thanks to a seasonal decline in domestic consumption (see table for full data).
With Arab Light falling steeply to $91.58/B in November, and exports falling due to a 390,000 b/d Opec+ mandated production cut, revenues will likely have dropped below February’s $24.2bn for November. (CONTINUED - 161 WORDS)
