Saudi oil exports hit SAR 868bn in 2018 - Report

Saudi oil exports hit SAR 868bn in 2018 - Report
The GCC nation's oil exports grew 25.6% year-on-year in the fourth quarter of 2018.

By: El-Sayed Gamal

Riyadh – Mubasher: Saudi Arabia has achieved a noticeable increase in oil exports, which surged by SAR 230.03 billion ($61.34 billion), or 36%, year-on-year in 2018, statistics conducted by Mubasher showed.

The kingdom’s oil exports jumped to SAR 868.44 billion ($231.58 billion) last year, against SAR 638.4 billion ($170.24 billion) in 2017.

The remarkable annual rise in Saudi oil exports was supported by the hike in oil exports by SAR 85.88 billion ($22.9 billion) in October, their highest level in 2018, as well as an increase of SAR 77.97 billion ($20.79 billion) in September.

 

Fourth quarter of 2018

The GCC nation's oil exports grew 25.6% or SAR 46.76 billion ($12.47 billion) year-on-year in the fourth quarter of 2018, totalling SAR 229.51 billion ($61.2 billion), against SAR 182.75 billion ($48.73 billion).

The increase in oil exports in Q4-18 was encouraged by the 45.8% year-on-year hike in October.

 

Highest level since 2014

Saudi oil exports continued its growth for the second straight year, hitting their highest level since 2014, according to statistics conducted by Mubasher.

The GCC nation’s oil exports registered SAR 638.40 billion ($170.24 billion) in 2017, SAR 510.73 billion ($136.19 billion) in 2016, and SAR 573.41 billion ($100.1 billion) in 2015, against SAR 1.067 trillion ($285 billion) in 2014.

 

Average oil exports

The kingdom’s average oil exports, including crude oil and petroleum products, went up 337.05 million barrels, or 11.1%, year-on-year in 2018.

Saudi Arabia exported about 3.363 billion barrels last year, against 3.026 billion barrels in 2017.

Average oil exports recorded the highest level in November at 10.29 million barrels per day (bpd), followed by 9.8 million bpd in December.

 

Translated by: Zeinab Adel