Saudi Arabia’s Oil Price War Cost The Kingdom $12 Billion In One Month

Despite record oil exports in April as Saudi Arabia flooded the market with excess oil, the value of the Kingdom’s crude exports plunged by US$12 billion from April 2019 levels as the lowest oil prices in years hit revenues. In April, the value of Saudi Arabia’s oil exports plummeted by 65.4 percent, or by US$12 billion (45.3 billion Saudi riyals), dragging down the value of the total merchandise exports of the world’s top oil exporter, data from Saudi Arabia’s General Authority of Statistics showed on Thursday. The…