Saudi Oil Revenue Falls to $25bn, Lowest Since February

Date: 23 December 2022 - 22:32

News ID: ۱۱۰۴۶۹

RIYADH (Middle East Eye) – Saudi Arabia’s revenue in October from crude oil exports and products such as diesel, fell to the lowest figure since February, the kingdom’s statistics office says. The office reported that in the month of October, the kingdom’s revenue from oil exports was $25.5bn, the lowest since hitting $24bn in February, the month that Russia launched its war on Ukraine - a move that sent the price of oil skyrocketing. The fall in revenue reflects how a weakened global economy and widespread inflation have impacted the price of oil. Global inflation hit a record 12 percent in October, according to Moody’s, a financial credit rating business.