456 billion riyals of oil revenues in 2020

The revenues of oil exports in the Kingdom amounted to 456 billion riyals in 2020 compared to 755 billion in 2019 in light of the contraction in global economic activity due to the new Corona virus (Covid-19) pandemic. Official data of the General Authority for Statistics showed that the proceeds of oil exports (crude and products) decreased by 39.6% in 2020 on an annual basis, and a decrease of 299.13 billion riyals from the previous year. The month of April recorded the highest rate of decline in the proceeds of oil exports, with a decrease of 65.4%, and oil exports rose in December to the third highest levels in 2020 to reach 46.39 billion riyals, the highest level since it reached 50.32 billion riyals in February, and commodity exports (oil and non-oil) witnessed a decline. Its percentage is 33% in 2020 on an annual basis, to reach 657.56 billion riyals, compared to 981.38 billion riyals in the previous year, and oil accounted for 69.35% of the total. As for the quarterly performance of oil revenues, they witnessed a growth in the fourth quarter of 2020, on a quarterly basis, by 13.3%, with an increase of 14.44 billion riyals over the previous quarter. Oil revenues amounted to 122.88 billion riyals in the fourth quarter of last year, compared to 108.44 billion riyals. In the third quarter of the same year. On an annual basis, revenues from oil exports decreased by 34% during the fourth quarter of 2020 compared to the revenues of the same quarter of 2019 which amounted to 186.16 billion riyals – it is worth noting that the expected financial revenues from oil did not exceed 513 billion riyals according to the Ministry of Finance, while the revenues Non-oil 320 billion riyals.

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