Riyadh – Mubasher: Recent data from the Saudi Arabia General Authority for Statistics (GaStat) showed a 15.4% year-on-year (YoY) decrease in Saudi oil exports in November 2019.
Oil exports retreated to SAR 62.3 billion in November last year from SAR 73.66 billion in the corresponding month in 2018, while on a monthly basis, exports rose by 8.3% in November when compared to October when they registered SAR 57.56 billion.
Moreover, the annual Saudi oil output totalled 9.89 million barrels per day in November last year, down by 3.2% month-on-month.
In December 2019, OPEC and its allies agreed on a deeper oil production cut by 500,000 barrels a day to reach 1.7 million through to March 2020. Similarly, Saudi Arabia has lowered its output by 167,000 barrels per day.
Merchandise exports
Total merchandise exports, oil and non-oil, of Saudi Arabia slipped by 14.9% in November last year to total SAR 79.82 billion when compared to SAR 93.85 billion in the same month a year earlier.
The share of oil exports in total merchandise exports also slid to 78.1% in November 2019 from 78.5% in November 2018.
