Saudi oil income increases due to high prices


Saudi Arabia could not ship more crude oil in the first half as it voluntarily restrained output under OPEC+ production-cut agreement; however, high oil prices this year helped the Kingdom to see stable income.

The Kingdom’s crude oil exports averaged 5.776 million barrels per day (bpd) in the first half of 2021, that is 19.8 percent less than 7.2 million bpd in the same period a year ago and 5.8 percent less than 6.129 million bpd in second half of 2020, according to JODI data.

Similarly, average daily crude output fell during the first six months of 2021 to 8.499 million bpd or 10.9 percent from 9.54 million bpd over the same period of 2020. The average daily rate of output also fell 4.5 percent.—AN

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