By: El-Sayed Gamal

Riyadh – Mubasher: Saudi Arabia’s oil export revenue shrank year-on-year (YoY) during the first quarter of 2020, pressured by a significant drop in revenue in March as a result of the decreased demand for oil amid the coronavirus (COVID-19) outbreak and OPEC's failure to reach a production agreement.

The kingdom’s oil export revenue fell by 21.9% or SAR 42.08 billion to SAR 149.95 billion in the January-March period of 2020, compared to SAR 192.03 billion in the year-ago period, according to data compiled by Mubasher from the General Authority for Statistics (GaStat).

During March, Saudi oil export revenue declined by more than 50% to SAR 32.94 billion from SAR 66.15 billion in the same month in 2019.