Reporting on politics and government news in Saudi Arabia
Provided by AGP
Saudi Oil Export Revenues Surge to Three-Year High Amid Regional Conflict
(MENAFN) Saudi Arabia recorded a sharp increase in oil export earnings in March, reaching their highest level in over three years as global energy markets reacted to rising prices and disruptions linked to regional conflict.
According to reports, oil export volumes rose by 37.4% compared with the same month last year, while crude oil and petroleum products accounted for 80.3% of total merchandise exports, up from 71% previously. Based on overall export figures and the oil share, revenues from crude and petroleum exports were estimated at approximately 92.5 billion Saudi riyals (about $24.7 billion), marking the strongest performance since late 2022.
The rise occurred during the first full month of escalating conflict in the Middle East, which disrupted shipping routes and contributed to instability in global energy supply chains. The closure of a key maritime passage significantly affected oil flows, intensifying concerns over energy security worldwide.
Benchmark oil prices in international markets reportedly jumped by around 43% during March as supply constraints tightened and traders reacted to reduced availability of crude shipments.
Despite the disruption, Saudi Arabia was partially insulated due to its infrastructure flexibility. The country activated an overland pipeline system allowing crude to be transported to western export terminals, reducing dependence on vulnerable Gulf shipping lanes and enabling continued exports via alternative routes.
By the end of March, export levels had recovered to roughly 70% of pre-crisis volumes, supported by the shift in logistics and sustained global demand.
While higher prices helped offset lower shipment volumes, overall non-oil exports declined significantly, with drops recorded in several categories. Imports also fell sharply during the period, contributing to a substantial increase in the country’s merchandise trade surplus compared to the previous year.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
