July 23, 2020 / 7:55 AM / 16 days ago

Saudi oil exports down by nearly $12 billion year-on-year in May

DUBAI (Reuters) - The value of Saudi Arabia’s oil exports dropped by 65% year-on-year in May, or a fall of nearly $12 billion (9.42 billion pounds), official data showed on Thursday.

Compared with April, total exports - including non-oil exports of goods such as chemicals and plastics - decreased by 1.6%, or about $160 million, the General Authority for Statistics said.

Saudi Arabia, the world’s largest oil exporter, is facing a deep recession this year amid the coronavirus crisis and lower oil revenues.

Reporting by Davide Barbuscia; Editing by Alex Richardson

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