Saudi Arabia’s oil revenues sink 46 per cent in H1 of 2015
Saudi Arabia exported 1.4 billion barrels of oil in the first half of the current year for a total revenue value of SAR305 billion, according to fresh figures.
The total value of revenues signal a major plunge of 46 per cent when compared with the figure reported in the same period last year.
This time last year, oil prices averaged $115 a barrel before embarking on a downtrend that sent prices tumbling by more than 50 per cent.
However, prices picked up a little bit in the past few months and are now in the $60 vicinity.
Local consumption in Saudi Arabia, the world’s largest oil exporter, totalled 428 million barrels of oil, comprising 23 per cent of the total output.
Speaking to the Al-Riyadh paper that published the figures, Fahad bin Juma’a, a prominent oil expert, says a stronger dollar and higher output will help prices rebound in the second half of the current year.
He indicates that, if the kingdom maintains current output levels and prices remain around $62 for light Arab crude, the kingdom’s oil revenues will plummet by 36 per cent in 2015 compared with the revenues a year earlier.
(SAR1 = $0.27 = AED0.98, at the time of publishing)