International

Saudi Arabia oil exports climb 147% to $16bln in May

Published on : 2021-07-29

The value of Saudi Arabia's oil exports in May increased 147% to just over 60 billion riyals ($16 billion) from a year earlier while non-oil exports rose by 70%, official data showed on Wednesday.

"Overall merchandise exports increased by 120.1% in May 2021 compared to May 2020, when international trade was impacted by COVID-related lockdowns and travel bans in numerous countries", the General Authority for Statistics said.

Oil exports accounted for 73.2% of total exports, up from 65.3% in May last year.

Non-oil exports rose to 22 billion riyals from 12.9 billion riyals in May 2020.

Saudi Arabia, the world's top oil exporter, suffered last year as the COVID-19 pandemic hit energy demand and its state coffers as a result.

China remained Saudi Arabia's main trading partner in May, with Saudi exports there corresponding to 21.4% of total exports.

QatarEnergy to build 18 largest LNG vessels ever built in China’s CSSC for $6bln

The new vessels, with a capacity of 271,000 cubic meters each, will be constructed at China’s Hudong-Zhonghua Shipyard

UAE’s Dana Gas suspends operations at Iraq’s Khor Mor gas field following drone attack

The UAE-based Dana Gas, the largest private sector natural gas company in the region, has suspended operations at its Khor Mor gas field following a drone attack on its site on April 26

Shell earns $1bln a year from US crude trading, court filing shows

Testimony by a former head of Shell U.S. crude trading division filed in a Texas state court has offered a rare look at the huge profits of its trading operations and the multi-million dollar bonuses bestowed on traders