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26 Dec 2021

Saudi Arabian Exports Experience October Upsurge Following Crude Oil Price Hike

The Index Today

Saudi Arabia’s exports skyrocketed in October informed by rising crude oil prices that worked to the advantage of the world’s largest oil exporter.

Export values surged to 77.6% in October bringing in a revenue of $28 billion. The rise in oil prices coupled with allayed COVID-19 rules have contributed to the economic growth the country has experienced this year.

According to Saudi Arabia’s General Authority for Statistics, the value of oil exports increased by 123%. However, the present surge has faced a recent setback due to the rapidly spreading Omicron variant of COVID-19 as cases continue to climb, leading to the imposition of further restrictions in countries across the world.

©Photo: Asharq Al-Awsat

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