Saudi Arabia reports oil export slump after OPEC cuts

Saudi Arabia’s crude oil exports slumped 17.8% year-on-year in the fourth quarter of 2023 to $60.5 billion, figures revealed Wednesday, with non-oil exports falling marginally.

Data released by the General Authority for Statistics (GASTAT) also showed that the kingdom’s crude exports also declined in December, falling 15.8% to 72 billion Saudi riyals ($19.2 billion) compared to 85.5 billion Saudi riyals ($22.8 billion) for the same period in 2022.

In terms of quantity, crude exports fell by 28,000 barrels in December to 6.31 million barrels per day (bpd) year-on-year, according to the Joint Organisations Data Initiative cited by Dow Jones.