The General Authority of Statistics reported that in March, the value of Saudi Arabia's oil exports reached the highest level since 2016, increasing by 123% year-on-year, to $30 billion. This result was due to higher oil prices, as well as an increase in oil production.
The data showed that in March, the volume of oil production in the country increased to 10.3 million barrels per day, while the average cost of oil jumped to $112 per barrel.
Total exports increased in March by 93% per annum, to 142 billion riyals, mainly due to oil sales (the share of oil exports in total exports increased to 80% from 70% in March 2021). Considering that the export of crude oil is the main source of income for Saudi Arabia, in the 1st quarter of 2022, the budget surplus increased to 57.5 billion riyals.