Saudi Arabia Is Now Making $1B From Oil Exports Every Day

Saudi oil production hit 10.3 million barrels in April. Photo credit should read MARWAN NAAMANI/AFP

Rigzone/Bloomberg: Saudi Arabia Making $1B From Oil Exports Every Day

Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production.

The value of crude exports, now almost $1 billion a day, increased by 123% year on year, the kingdom’s statistics office said.

Saudi Arabia’s crude production rose to 10.3 million barrels a day in March, with Brent oil prices averaging $112 a barrel. Prices have jumped almost 50% this year, mostly due to the fallout of Russia’s invasion of Ukraine.

The higher revenues helped the kingdom post a 57.5 billion riyal ($15 billion) budget surplus between January and March. It will be one of the fastest-growing large economies in the world this year, according to the International Monetary Fund.

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Update #1: Saudi Arabia oil exports soared to the most since 2016 in Q1 thanks crude prices above $100 a barrel and higher production (Insider)

Update #2: Saudi Arabia Tucks Away Billions in Oil Money for Next Year (Bloomberg)

WNU Editor: I would not be surprised if they will be making more per day in the coming months as oil prices continue to rise.

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