Saudi Arabia’s oil exports plunge by nearly $12 billion year-on-year in May

The value of Saudi Arabia’s oil exports dropped by 65% year-on-year in May, or a fall of nearly $12 billion, official data showed on Thursday.

Compared with April, total exports – including non-oil exports of goods such as chemicals and plastics – decreased by 1.6%, or about $160 million, the General Authority for Statistics said.