At year-end, Saudi Arabia posted unexpectedly large revenues from oil sales to international buyers. Even as December brought some of the lowest monthly figures in recent memory, the kingdom still logged the strongest economic growth among G20 nations, with an expansion of 8.7 percent. This standout performance is attributed to the strength of oil markets and is underscored by figures reported by the Kingdom’s Main Statistics Office, cited by Bloomberg.
The oil-export windfall is striking because overall commodity profits in the sector have shown a downward trend for six consecutive months. Yet the latest data reveal a rare and sizable gain that supplies Crown Prince Mohammed bin Salman with additional fiscal room to pursue diversification plans. The aim remains clear: reduce dependence on commodity-driven income and cultivate a broader, more resilient economy capable of withstanding fluctuations in global energy markets.
As oil prices surged toward the vicinity of eighty dollars per barrel following a robust rise in the preceding year, Saudi Arabia collected substantial revenue from crude and refined products in December. Official figures indicate that oil-related receipts reached about 22.8 billion U.S. dollars for that month, contributing to a total oil revenue near 326 billion dollars in 2022, even though December’s monthly take represented the lowest single-month total in almost a year for the sector.
Audited data released by the Saudi Arabian Statistical Office show that October 2022 delivered oil revenue of approximately 25.5 billion dollars, marking the lowest monthly level since February. In contrast, September’s exports were recorded at roughly 25.1 billion dollars, illustrating the volatility that accompanies energy markets and how monthly fluctuations can shape the broader revenue picture for the kingdom. This pattern of movement in oil cash flow emphasizes the delicate balance Saudi Arabia maintains between capitalizing on high prices and managing the fiscal framework needed to fund long-term development goals.