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Saudi Arabia’s Oil Exports Prices Surged to Record High

The value of Saudi Arabia’s Oil Exports in June increased 123% to $16.4 billion from a year earlier while non-Oil Exports rose by around 41%. The General Authority for Statistics said that the exports surged nearly 92% in June compared to a year earlier when international trade was curbed by lockdowns and travel disruptions related to the coronavirus crisis.

It said that the Oil Exports accounted for 72% of total exports in June, up from 62% in June last year. Saudi Arabia, the world’s biggest oil exporter, was hit hard last year as oil prices plummeted and measures to contain the COVID-19 pandemic hurt its non-oil economy.

Saudi Arabia's Oil Exports Prices Surged to Record HighThe country’s gross domestic product in the second quarter grew for the first time since the coronavirus crisis, on the back of the easing of restrictions and rebounding oil prices.China remained Saudi Arabia’s main trading partner in June, with exports there amounting to nearly 20% of total exports.Imports from Turkey continued to be low, after an informal blockade by Saudi Arabia.

read moreIn June they fell to 5.7 million riyals from 21.8 in May, and from 712.4 million riyals in June last year.Gaas prices have escalated phenomally this year backed by rapid demand upsurge for peroleum products. As per the latest data from AAA the average gas prices for a gallon of gas froze at $3.143.

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