Saudi Arabia's oil export revenues hit a three-year low, falling 15.5% YoY to SAR 65.3B (USD 17.39B)
In August 2024, Saudi Arabia's oil export revenues fell to a three-year low, declining 15.5% year-over-year to SAR 65.3 billion (USD 17.39 billion) due to lower crude prices and reduced global demand, especially from China. Overall commodity exports dropped 9.8%. Despite this downturn, a rebound is anticipated in 2025 if OPEC maintains its production strategies, with projected economic growth of 4.4%. Non-oil exports saw a 7.4% increase.
October 24, 2024
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