Oil revenues for the world’s largest oil exporter, Saudi Arabia, continued to slide in May after the Kingdom ended its oil price war with Russia, with the income from oil exports plunging by 65 percent year on year, data from Saudi Arabia’s General Authority for Statistics showed on Thursday. Saudi Arabia’s total exports plunged in May 2020 compared to May 2019. The significantly lower value of oil exports was the main drag on overall Saudi merchandise exports in May – the first month in which the OPEC+ group cut production by record levels after Saudi Arabia and Russia forged a new deal to cut supply to the market amid the demand crash in the pandemic. The value of Saudi Arabia’s oil exports plunged by US$11.8 billion (44.277 billion Saudi riyals), or by 65.0 percent year on year in May, the General Authority for Statistics said. The share of oil […]