Saudi oil exports plunged $11bn in the first quarter

 
Saudi Arabia's oil exports fell 21.9 per cent year on year in the first quarter to $40bn, or about $11bn, official data showed on Sunday.
 
Brent crude is down more than 60 per cent this quarter due to an oil price war between Saudi Arabia and Russia after talks broke down in March on further cuts and the impact of coVID-19.
 
Falling oil exports were the main reason for a 20.7 per cent fall in the value of overall commodity exports in the first quarter, the Saudi State Statistics Agency said on Sunday. In addition, non-oil exports, which include chemicals and plastics, fell 16.5 percent.
 
China was the top destination for Saudi exports in the first quarter, followed by Japan and India, the report said. China is also a major source of Saudi imports. Saudi Arabia reported a $9bn budget deficit for the quarter, with oil revenues falling 24 per cent to $34bn.
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