Amid another volatile year for oil markets, Saudi Arabia’s oil export revenues dropped by 25% to $248bn for 2023 according to government figures (see chart 1). With the drop coming from 2022’s ten-year high $327bn, export revenues remained high by the standard of preceding years and were still nearly $50bn more than 2021 levels.
Saudi Oil Sector Looks To Domestic Efficiencies To Offset Production Curbs For 2024
Current market dynamics point to Saudi oil export revenues being capped at around last year’s levels for 2024. Domestic gas expansion will be a key variable and could finally make inroads into curbing inefficient liquids burn, freeing up volumes for export.
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Tables
Saudi Arabia 2023 Key Oil Data: Domestic Consumption On The Rise
Charts
1: Saudi Oil Export Revenues: Despite Dropping 25% From 2022, 2023 Revenues Remained Stronger Than Other Recent Years ($bn)
2: Saudi Arabia’s Monthly Oil Export Revenues ($bn) Dropped Back Below $20bn In November And December As Prices Fell Below $90/B
3: Saudi Arabia Crude Production Fell By 920,000 b/d Last Year From 2022’s Record High (mn b/d)
4: Saudi Oil Burn* Hit A Record 1.1mn b/d For 2023 (‘000 b/d)...
5: ...But Volumes Ended The Year Down On 2022, Pointing To A Potential Drop For 2024 (‘000 b/d)
6: Saudi Consumption Of Diesel And Gasoline Rose Up To Multi-Year Highs In 2023 (‘000 b/d)
7: Saudi Arabia Imports Of Mineral Products* ($bn) Increased Sharply In 2022 As Oil Prices Spiked And Remain High
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