Saudi Arabia’s foreign oil revenues declined by more than a third to their lowest since September 2021 amid a weak recovery in energy markets.

The kingdom’s oil exports, including both crude and refined products, totaled just over $19 billion in May. 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 – has benefited significantly from higher oil prices and production in 2022. The kingdom said this year it would extend an earlier production cuts it begun in 2023 in an attempt to boost prices by curbing supply amid lingering concerns about the global economy.

Crude oil prices have gained in recent weeks due to the effect of output cuts, but are restrained by concerns that higher interest rates could throttle economic activity in the US and Europe.

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