Riyadh – Mubasher: Saudi Arabia saw a drop in oil revenue by 41.5% year-on-year (YoY) during the first nine months of 2020, driven by a decline in crude and petroleum products exports.
The kingdom’s oil revenue stood at SAR 333.17 billion in the nine-month period ended in September 2020, compared with SAR 569.02 billion in the prior-year period, according to data collected by Mubasher based on official figures.
Over the third quarter (Q3) of the year, oil revenues reached SAR 108.44 billion, a decline of 39.76% when compared to SAR 180 billion in the same period a year earlier.
In the January-September period, the Gulf country’s exports of crude oil and petroleum products went down by 6.96% YoY to reach 2.12 billion barrels.
In the meantime, average daily oil exports decreased by 7.2% on an annual basis to 7.739 million barrels per day (b/d).
Likewise, the revenue of non-oil exports shrank by 15.5% on a yearly basis or SAR 26.26 billion to total SAR 143.42 billion.
Non-oil revenues totalled SAR 53.39 billion in Q3-20, down by 4.4% yearly, but hit SAR 18.21 billion in September, the highest this year.