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Money News

Saudi's June oil exports down $8.7 billion

DUBAI (Reuters) - The value of Saudi Arabia’s June oil exports was down 55% year on year, a drop of $8.7 billion, official data showed on Wednesday.

Compared with May, total exports - including non-oil exports of goods such as chemicals and plastics - grew by 19.1%, or $1.86 billion, 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 revenue.

In May Saudi oil exports fell by nearly $12 billion year on year.

Reporting by Yousef Saba; editing by Jason Neely

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