At the end of the year, Saudi Arabia made unexpectedly large revenues from oil sales to foreign countries. Despite some of the lowest monthly revenues in December, Riyadh’s economy recorded the most significant growth among the G20 countries at 8.7%. informs The Bloomberg agency cites data from the Kingdom’s Main Statistics Office.
Saudi Arabia’s high revenue from oil exports is even more surprising given its commodity profits have fallen for the sixth consecutive month. However, the second largest “unexpected win” in the kingdom’s history provides Crown Prince Mohammed bin Salman with more cash to diversify the national economy and gradually move away from his heavy reliance on commodity exports.
“As oil prices approached $80 a barrel after a sharp triple-digit increase last year, Saudi Arabia received 85.5 billion riyals ($22.8 billion) from crude oil and refined product exports in December. Oil revenues reached approximately $326 billion in 2022, although monthly revenues were the lowest in nearly a year.
December 25 at the Saudi Arabian Statistical Office website reportedIn October 2022, the kingdom’s revenue from oil sales totaled 95.796 billion riyals ($25.5 billion). This figure was the lowest since February. For comparison, in September Riyadh managed to export a total of 100,192 billion riyals of oil.