Saudi oil exports down by $12 billion year on year in April

The value of Saudi Arabia's oil exports dropped by 65.4 per cent in April when compared to the same month a year earlier, or a fall of about $12 billion, official data showed on Thursday. Compared to March, total exports - including non-oil exports of goods such as chemicals and plastics - decreased by 23.5 per cent, or about $3 billion, the General Authority for Statistics said.

Amid a drop in demand and oil prices, in the first quarter the value of Saudi Arabia's oil exports plunged by 21.9 per cent year on year to $40 billion, corresponding to a decline of about $11 billion, official data showed earlier this month. The world's largest oil exporter could see its economy shrink by 6.8 per cent this year, the International Monetary Fund said this week.

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