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Saudi oil export returns hikes 41% in 11 months

Saudi Arabia’s revenue from crude oil exports rose 40.9% year-on-year, or SAR 235.89 billion ($62.9 billion), during the first eleven months of 2018.

The kingdom’s crude oil export revenues increased to SAR 812.18 billion ($216.56 billion) in the January-November period of 2018, compared to SAR 576.29 billion ($153.68 billion) in the prior-year period, Mubasher reported, citing data from the General Authority for Statistics (GASTAT).

This rise is attributed to a 60% surge in the oil-rich kingdom’s crude returns during October 2018, coupled with a 72% increase last June, GASTAT added.

From January to November 2018, the average of Saudi crude oil exports increased by 5.5%, or 383,000 barrels per day (bpd), to 7.34 million bpd, compared to 6.96 million bpd in the same period of 2017.
Source: SyndiGate Media

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