HomeEconomySaudi Arabia's oil revenues...

Saudi Arabia’s oil revenues fell to a three-year low

Photo: Saudi Aramco

Revenues from sales of crude oil and petroleum products fell to $17.4 billion in August, which was 6% lower than in July. This is the lowest monthly income since June 2021.

Saudi Arabia’s oil export earnings fell to their lowest level in more than three years as weak demand growth weighed on oil. Bloomberg reported this.

Revenue from sales of crude oil and petroleum products fell to $17.4 billion in August, down 6% from July, according to the government’s statistics agency. This is the lowest monthly income since June 2021.

It is noted that Saudi Arabia’s economy is still dependent on oil revenues, especially now that the country has embarked on an ambitious plan to expand the technology, tourism and manufacturing sectors. The investments needed to implement Crown Prince Mohammed bin Salman’s plan to transform the economy rely on oil revenues to fund initiatives aimed at reducing dependence on hydrocarbons revenue.

This has been hampered by falling oil prices and production cuts. Global benchmark Brent crude is down about 1% this year and is trading at around $75 a barrel.

Oil consumption growth is reported to be weak, especially in China, one of the world’s most important import markets, while new supplies from countries such as the US, now the world’s largest oil producer, is more than demand growth and weighs on prices.

To support the market, the Organization of the Petroleum Exporting Countries (OPEC) and its allies limit production. This limits the amount of oil that Saudi Arabia, the alliance’s favorite, can sell.

The wider OPEC+ group, which includes producers such as Russia, plans to lift some of these restrictions in December, although it has left open the possibility of keeping them in place if necessary to avoid oversupply.

Let’s recall that the “black gold” fell in price on reports of Saudi Arabia’s intention to increase production to regain market share.

It’s hit or miss: the Saudis will save the world if they neutralize Iran
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp

Source: korrespondent

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

- A word from our sponsors -

Read Now

The President signed the Law on 50% of the Motagrass for Veterans

The President of Ukraine signed a law that reduces the cost of a motorcycle by 50% for veterans and persons with disabilities as a result of the war (No. 4369-IX). .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px;...

GBI was struck by anger, the requirement of short -term reconciliations of SOC without Boytsov’s order

Employees of the State Bureau of Investigations exposed military personnel in the Nikolaev area, who demanded that the military left some of the military in exchange for returning to the service. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height:...

In Priluki, the Cisland arrived at the post of drone in his house, where he was killed

The rescuer arrived in Pryluky to eliminate the effects of a drone that fell into his house, where his family was killed. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } ...