By: El Sayed Gamal
Riyadh – Mubasher: Saudi Arabia’s oil exports declined by 3.96% year-on-year during the first half of 2019.
The kingdom’s oil exports reached SAR 391.83 billion ($104.49 billion) in H1-19, compared to SAR 407.98 billion ($108.8 billion) in H1-18, Mubasher statistics revealed.
Revenues from oil exports decreased by 5.3% in May and 22.2% in June.
In July, the world’s top producers, Saudi Arabia, and Russia agreed on extending the oil cut decision until March 2020.
Accordingly, the kingdom reduced its oil output by 6.6%, or 107.63 million barrels, during the first six months of 2019.
Exports of oil products reached 1.529 billion barrels by the end of June, compared to 1.637 billion barrels in the same period of the prior year.
However, the kingdom plans to cut its oil exports over the coming months to be less than 7 million barrels per day (mbpd).
In H1-19, oil exports recorded 8.449 mbpd, compared to 9.049 mbpd in the corresponding period of 2018.