Saudi’s oil export revenues increased significantly on an annual basis in February, according to a study released by Saudi’s General Authority for Statistics (GASTAT).
The surge was prompted by the spike in oil prices, which coincided with Russia’s invasion of Ukraine.
The figures show that Saudi oil export revenues climbed by 78.1 percent in February compared to the same period in 2021.
Oil exports accounted for 77.5 percent of total exports in February 2022, up from 71.6 percent in February 2021.
Saudi’s overall merchandise exports increased by 64.7 percent in February 2022 compared to February 2021.
The value of exports amounted to 108.4 billion riyals in February 2022, up from 65.8 billion riyals in February 2021.
Saudi oil export surged by 72.1 percent on an annual basis in the past year, due to a significant jump in global oil prices. Revenues reached 205.97 billion dollars, up from 119.30 billion dollars in 2020.
