Saudi Arabia’s oil exports rocketed 109 per cent year-on-year in April, worth an eyewatering $13.7bn, according to official data today.
Oil exports made up 72.5 per cent of total exports from Saudi Arabia, the world’s top oil exporter – up from 64.8 per cent in April 2020 and 70 per cent in March.
The country was hit by the sudden drop in oil demand last year when the Covid-19 pandemic pushed governments to implement lockdown measures.
Despite dipping slightly this morning, oil prices have a brightened outlook and are on course for a third straight monthly gain this month.
Doubts about the future of the 2015 Iran nuclear deal that could end US sanctions on Iranian crude exports buoyed prices.
Brent dipped 0.24 per cent to $75.01 a barrel this morning. Meanwhile, US crude slipped 0.23 per cent to $72.91 a barrel.
Both benchmarks had hit their highest since October 2018 on Wednesday before slightly drawing back their gains.