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Saudi Arabia's oil exports in October slump by nearly a third

Overall exports fell by 24.7% mainly due to the fall in oil shipments, which made up about two-thirds of the total compared to about three quarters in October last year

twitter-logoReuters | December 24, 2020 | Updated 16:55 IST
Saudi Arabia's oil exports in October slump by nearly a third
Oil exports in October fell by 32.7% year on year but were up by 3.7% from September

Saudi Arabia's oil exports in October fell by 18.9 billion riyals ($5.04 billion), down by nearly a third, while non-oil exports fell by 0.3%.

Overall exports fell by 24.7% mainly due to the fall in oil shipments, which made up about two-thirds of the total compared to about three quarters in October last year.

Oil exports in October fell by 32.7% year on year but were up by 3.7% from September.

Total exports were up 8.4%, or 4.48 billion riyals, compared to September.

The world's largest oil exporter's economy is forecast to shrink by 5% this year, the International Monetary Fund has said.

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