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Saudi oil exports down by $12 billion year on year in April

Compared to March, total exports - including non-oil exports of goods such as chemicals and plastics - decreased by 23.5 per cent, or about $3 billion, the General Authority for Statistics said

twitter-logoReuters | June 25, 2020 | Updated 14:55 IST
Saudi oil exports down by $12 billion year on year in April

The value of Saudi Arabia's oil exports dropped by 65.4 per cent in April when compared to the same month a year earlier, or a fall of about $12 billion, official data showed on Thursday. Compared to March, total exports - including non-oil exports of goods such as chemicals and plastics - decreased by 23.5 per cent, or about $3 billion, the General Authority for Statistics said.

Amid a drop in demand and oil prices, in the first quarter the value of Saudi Arabia's oil exports plunged by 21.9 per cent year on year to $40 billion, corresponding to a decline of about $11 billion, official data showed earlier this month. The world's largest oil exporter could see its economy shrink by 6.8 per cent this year, the International Monetary Fund said this week.

Also read: India's oil imports plunge to its lowest since October 2011 in May

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