Logistic
Posted By OrePulse
Published: 24 Oct, 2024 12:48
Saudi Arabia's oil export revenue lowest since 2021
The value of oil exports fell from $20.6 billion to $17.4 billion in the reported month, marking the lowest revenue from oil exports in the country since June 2021. The drop in oil exports from the kingdom was the key driver behind the decline in Saudi Arabia's merchandise exports, which contracted by 9.8% to $24.7 billion in August from $27.4 billion in the same month last year.
The Organization of the Petroleum Exporting Countries (OPEC) previously downgraded the global demand forecast for both 2024 and 2025 due to sluggish consumption of the commodity in "some regions."
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