Saudi Oil Revenues Plummet: OPEC+ Cuts and Low Prices Take Their Toll

Saudi Arabia, the world's leading oil exporter, has experienced a significant decline in its oil revenue, reaching a three-year low in June 2024. According to data from the General Authority for Statistics, the kingdom earned 66. 314 billion Saudi riyals ($17.683 billion) from oil sales in June, marking a 12. 6% decrease from May and the lowest earnings since August 2021. OIl revenue accounted for 75. 4% of the overall revenue, while non-oil export revenues dropped 17. 9% to $4. 1. 18 billion.