Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production.
Saudi Arabia’s crude production rose to 10.3 million barrels a day in March, with Brent oil prices averaging $112 a barrel. Prices have jumped almost 50% this year, mostly due to the fallout of Russia’s invasion of Ukraine.
The higher revenues helped the kingdom post a 57.5 billion riyal ($15 billion) budget surplus between January and March. It will be one of the fastest-growing large economies in the world this year, according to the International Monetary Fund.
Saudi Arabia’s top five trading partners were a collection of some of the world’s biggest oil importers: China, India, Japan, followed by South Korea and the US.
Overall exports increased 93% in March to $37.9 billion. The share of oil exports in the total figure stood at 80% in March, up from 70% a year earlier.
The oil-export figures may continue to grow because OPEC+, a 23 nation group of producers led by Saudi Arabia and Russia, is raising production each month under a deal that expires around September.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience in implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor in this space. Stuart has led the “Total Corporate Digital Integration” platform at Sandstone and works with Sandstone clients to help integrate all aspects of modern digital business. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage and is the Co-Host of the energy news video and Podcast Energy News Beat.
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Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.