Riyadh – Mubasher: Saudi oil revenue plummeted by 42.6% year-on-year (YoY) in the first half (H1) of 2020, recording SAR 224.73 billion, compared to SAR 391.3 billion in H1-19, according to data collected by Mubasher based on official figures.
This decline was driven by tumbling second-quarter revenue when the global oil demand reached its lowest level as a result of a slacking economic activity following the outbreak of the COVID-19 pandemic, coupled with the price war ignited between crude producers regarding output cuts levels, pushing crude oil to historic losses.
In January, the exports edged up 0.27% to SAR 66.69 billion, before posting five consecutive declines later on.
May and April accounted for the biggest losses with 66.1% and 65.4%, respectively, at SAR 23.87 billon and SAR 24 billion, respectively.
In the second quarter (Q2), the exports plunged 62.5% YoY to reach SAR 74.78 billion.
The GCC nation's exported oil volumes (crude and oil products) recorded 1.48 billion barrels in the January-June period, a yearly drop of 2.99% when compared to 1.53 billion barrels in the year-ago period.
During June, the exports hit their lowest at 181.95 million barrels, down 24% YoY.
In H1-20, average daily exports witnessed a 3.5% YoY decrease to 8.156 million barrels per day (b/d).
Saudi non-oil merchandise exports plummeted by 20.5% annually over the six-month period, reaching SAR 90.23 billion. Though exports were down during the first six months of the year, data shows that the export movement started to recover as per June’s values.
In June, non-oil exports reached SAR 16.59 billion, the highest year-to-date (YTD).
In Q2-20, non-oil merchandise exports stood at SAR 42.34 billion, down 24.6% on an annual basis.
In H1-20, total petroleum and non-petroleum merchandise exports slipped 37.6% YoY to stand at SAR 314.96 billion.
