Saudi Arabia’s export revenue was Riyal 197.84 billion ($52.69 billion) in Q1 2020, down 20.7% from the same quarter in 2019, mainly due to a 21.9% decline in oil export revenue, the kingdom’s General Authority for Statistics announced June 7. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Total oil export revenue for Q1 was Riyal 149.95 billion, down from Riyal 192.03 billion for the same quarter the previous year. This is despite forward sales of hydrocarbons mitigating the full impact of the oil price crash on the country’s quarterly revenues. Oil still made up 77% of exports, little changed year on year, showing little progress in diversifying the economy. The entirety of the kingdom’s hydrocarbon output is […]