Saudi Arabia's oil export revenues are at their lowest level since 2021.

The General Authority for Statistics in the Kingdom of Saudi Arabia stated on Thursday that the volume of oil exports from Saudi Arabia registered a decline in August, by 15.5% compared to the same period last year. As a result, the value of Saudi crude oil exports dropped from $20.6 billion to $17.4 billion, marking the lowest revenue from oil exports in Saudi Arabia since June 2021. The decline in oil exports from the Kingdom was the main driver behind the decrease in Saudi merchandise exports, which fell by 9.8% to $24.7 billion in August, down from $27.4 billion in the same month last year. The Organization of the Petroleum Exporting Countries (OPEC) had predicted in its latest report a slowdown in global demand growth for crude oil due to reduced oil consumption in some regions.