Saudi oil exports down by nearly $12 billion year-on-year in May

File photo by EPA-EFE/ALI HAIDER

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The value of Saudi Arabia’s oil exports dropped by 65% year-on-year in May, or a fall of nearly $12 billion, official data showed on Thursday.

Compared with April, total exports – including non-oil exports of goods such as chemicals and plastics – decreased by 1.6%, or about $160 million, the General Authority for Statistics said.

Saudi Arabia, the world’s largest oil exporter, is facing a deep recession this year amid the coronavirus crisis and lower oil revenues.

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