#SaudiArabia’s Oil Exports Hit The Highest Level Since 2016 - Bloomberg

Saudi Arabia’s Oil Exports Hit The Highest Level Since 2016 - Bloomberg

Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production.

The value of crude exports, the kingdom’s main source of income, rose by 123% year on year to reach the highest level since 2016, the earliest data available.

Saudi Arabia’s crude production rose to 10.3 million barrels a day in March, with oil prices averaging $112 a barrel. That helped The kingdom post a 57.5 billion riyal budget surplus in the first three months of the year and become one of the fastest growing large economies in the world this year.

Overall exports increased 93% in March to 142 billion riyals ($37.9 billion), mainly led by the jump in oil sales, according to data from the General Authority of Statistics. The share of oil exports in the total figure stood at 80% in March, up from 70% a year earlier.