The Clap
Saudi oil exports fell by 19.4% in November last year, totaling SAR 72.4 billion.
What
The General Authority for Statistics revealed a 15.6% YoY decrease in commodity exports in November, reaching a value of SAR 95 billion. This was a result of the decline in oil exports.
Non-oil exports (including re-exports) also decreased by 0.7%, amounting to SAR 22.6 billion.
So What
The “significant decline” in oil exports led to a contraction in Saudi Arabia’s trade surplus.
It reduced to SAR 28 billion in November 2023, compared to SAR 48 billion in the same period in 2022.
This marks the second consecutive month of decline, hitting its “lowest level” since July 2023.
Some Context
The Kingdom, the “largest crude oil exporter in the world,” continues its voluntary production cuts, which began in May last year.
This is part of the “OPEC Plus” alliance, ensuring stability in global oil markets.
