Saudi Arabia achieved the highest annual oil revenue in 2022, news agencies reported yesterday.
Oilprice.com reported that Saudi Arabia received as much as $326 billion in oil revenues during 2022, although, according to Bloomberg, monthly revenues have been lower over the last six months.
The rise in oil prices last year, especially the spike in the first half to over $100 a barrel after the Russian invasion of Ukraine, raised the revenues for the world’s largest crude oil exporter.
The value of oil exports accounted for more than 70 per cent of all Saudi exports last year.
The share of oil exports in total exports increased from 71.9 per cent in December 2021 to 79.0 per cent in December 2022, data released by Saudi Arabia’s General Authority for Statistics revealed yesterday.
OPEC+, which includes Saudi Arabia and Russia as its two largest producers, agreed to maintain production levels at their current levels throughout 2023.