Saudi Oil Revenue Drops to 3-Year Low, Affects Mega-Projects: Report
News - Middle East: Saudi Arabia’s revenue from oil sales has plummeted to the lowest level in three years, prompting the kingdom to scale back or delay some of its ambitious development projects.
Citing government data, Bloomberg reported on Thursday that Saudi Arabia earned just $17.7 billion from the export of crude oil and refined products in June, down over 9 percent year-on-year and about 12 percent from May.
The report said that the slump in Saudi Arabia's oil revenue is caused by falling crude prices and the country’s decision to curb production.
In an earlier report, Bloomberg had pointed to a steady downward trend in the amount of Saudi crude sent to China and India, two of the kingdom’s biggest customers, in the past few years.
#Saudi_Arabia #Report About 3 months-
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