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Saudi oil exports down 62%

September 18, 2020 at 9:16 am

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud on 5 December 2019 [JOE KLAMAR/AFP via Getty Images]

Saudi Arabia’s oil exports declined 62 per cent in the second quarter of 2020, the state-run Saudi General Authority for Statistics announced yesterday.

In an official statement, the authority said that the kingdom’s oil exports amounted to some 74.8 billion riyals ($19.9 billion) during the second quarter of this year.

Crude exports from Saudi Arabia, the world’s largest oil exporter, have continued to decline as global demand dropped as a result of the novel coronavirus.

Reuters said on Tuesday that the kingdom’s annual inflation rate had reached 6.1 per cent in July, up from only 0.5 per cent the month before.

The Organisation of Petroleum Exporting Countries (OPEC) and its allies, dubbed OPEC+, have cut output by an unprecedented 9.7 million barrels per day, equivalent to ten per cent of the global supply.

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