Saudi Arabia’s oil exports fall 65% in May, WTI regains $42

Dhwani Mehta FXStreet

Citing official data, Reuters reported that oil exports from Saudi Arabia, the OPEC’s top producer, fell by 44,277 million riyals (USD12 billion) or 65.0% in May 2020.

No further details are reported on the same.

In the face of the falling oil exports and its revenue, Saudi’s Finance Minister Mohammad Aljadaan said at a video forum hosted by Bloomberg on Tuesday, the Kingdom plans to put up for privatization state-held assets in the healthcare, education, and water utility sectors in order to raise money.

Market reaction

Amid falling Saudi oil exports, both crude benchmarks pick up bids, with WTI looking to recover ground above the $42 mark while Brent posts small gains around $44.50.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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