Saudi Arabia’s Exports Surge in October on Higher Oil Prices
(Bloomberg) -- Saudi Arabia's exports soared in October as the world's biggest oil exporter benefited from higher crude prices.
The value of exports jumped to 106.2 billion riyals ($28 billion) from 55.9 billion riyals a year ago, according to the kingdom's General Authority for Statistics. The share of oil in total exports rose to 77.6% in October from 66.1%.
Saudi Arabia's economy has rebounded this year as oil prices soared and the impact of the coronavirus pandemic eased. This month, the kingdom boosted its revenue forecast for next year, with higher crude output and prices poised to deliver the first budget surplus in eight years and the fastest economic growth since 2011.
- Saudi Arabia Sees First Budget Surplus Since 2013 as Oil Rises
The value of oil exports rose 123%, or by 45.5 billion riyals, year-on-year in October, according to the statistics authority. Non-oil exports increased 25.5% to 23.8 billion riyals.
Oil has gained about 50% this year with a robust rebound from the pandemic, but the rally has faltered recently, in part due to concerns about omicron. There are some signs of tightening emerging, however, with supply disruptions in Libya and Nigeria, while the demand outlook was boosted in recent days by positive news about the severity of omicron.
More stories like this are available on bloomberg.com
©2021 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news

Stocks Slide as Tariff Angst Adds to Price Worries: Markets Wrap

China’s Oil Teapots Cut Runs to Pandemic Levels After Sanctions

China Refiners Set to Resell US Oil Cargoes After Tariff Blitz

Shell starts up new facility in UK North Sea, restoring production from the Penguins field

Oil Falls to Lowest Settlement Price of 2025 as Traders Flee

Oil Falls After Trump Delays Canada, Mexico Tariffs by a Month

Wright Confirmed to Lead Energy Agency Key to Trump’s Plans

Oil Rises as Trump Slaps Tariffs on Biggest Crude Supplier to US

UAE’s Adnoc Aims to Buy Nova Chemicals, Roll Into Deal With OMV
