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Saudi Oil Revenue Drops to Lowest Since 2021 as Prices Falter
Saudi Arabia’s receipts from oil sales abroad declined by more than a third to the lowest since September 2021, amid a spluttering recovery in energy markets. The kingdom’s oil exports dropped to just over $19 billion during May, according to data from the General Authority for Statistics that includes both crude and refined products. The share of oil sales in total exports fell to 74% from nearly 81% a year ago. Saudi Arabia, the world’s largest oil exporter, saw a significant windfall from higher crude prices and production in 2022. This year, the kingdom said it would prolong production cuts it started ... (full story)