Saudi Arabia’s oil export revenues have been bolstered by coordinated Opec+ voluntary production cuts this year, which have helped put a floor under crude oil prices. Saudi Arabia’s own 1mn b/d voluntary cuts have been in force since July last year, and it has been joined by other Opec+ producers since January, bringing the combined total of cuts to 2.2mn b/d.
The latest government trade figures show that Saudi oil export revenues totaled $61.7bn in Q1 this year, marking the second consecutive quarterly increase. Revenues remained well down on the same period last year, when they totaled $64.5bn, driven primarily by a drop in gross oil exports of 1.31mn b/d from 8.95mn b/d in Q1 last year (see chart 1). (CONTINUED - 740 WORDS)
