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Saudi Arabia's Oil Export Revenues Surge to Highest in Three Years
(MENAFN) Saudi Arabia's oil export revenues climbed to their highest point in over three years in March, as a combination of soaring energy prices and strategic rerouting of crude shipments allowed the kingdom to weather disruptions triggered by the closure of the Strait of Hormuz.
Oil exports surged 37.4% year-on-year in March, with their share of total merchandise exports jumping to 80.3% from 71% recorded in the same month a year earlier, according to the General Authority for Statistics.
Calculated against total merchandise exports and the oil-export share, Saudi crude and oil-product export revenues reached approximately 92.5 billion Saudi riyals ($24.7 billion) in March — the strongest reading since October 2022.
The revenue spike materialized during the first full month of the Middle East war, which erupted at the end of February and sent shockwaves through global energy markets by severely disrupting oil flows through the Strait of Hormuz, one of the world's most strategically vital oil chokepoints. Benchmark oil prices in London exploded 43% in March alone, as the near-total shutdown of the strait severed a substantial share of global oil supplies and stoked acute fears over energy security.
Saudi Arabia proved more resilient than several of its Gulf counterparts, having swiftly activated a cross-country pipeline routing crude to its western coast — enabling shipments to depart from Red Sea ports rather than depending exclusively on Gulf export corridors. By the end of March, the kingdom had clawed back roughly 70% of its prewar export volumes through that alternative route.
Elevated crude and oil-product prices more than compensated for the shortfall in shipment volumes, pushing total oil-export revenue above prewar benchmarks.
On the non-oil front, the picture was considerably bleaker. Non-oil exports, including re-exports, contracted 17.3% year-on-year in March, while national non-oil exports excluding re-exports plunged 27%. Re-exports, however, edged up 2.5%. Imports fell 24.8% over the same period, even as Saudi Arabia's merchandise trade surplus rocketed 218.9% compared with March 2025.
Oil exports surged 37.4% year-on-year in March, with their share of total merchandise exports jumping to 80.3% from 71% recorded in the same month a year earlier, according to the General Authority for Statistics.
Calculated against total merchandise exports and the oil-export share, Saudi crude and oil-product export revenues reached approximately 92.5 billion Saudi riyals ($24.7 billion) in March — the strongest reading since October 2022.
The revenue spike materialized during the first full month of the Middle East war, which erupted at the end of February and sent shockwaves through global energy markets by severely disrupting oil flows through the Strait of Hormuz, one of the world's most strategically vital oil chokepoints. Benchmark oil prices in London exploded 43% in March alone, as the near-total shutdown of the strait severed a substantial share of global oil supplies and stoked acute fears over energy security.
Saudi Arabia proved more resilient than several of its Gulf counterparts, having swiftly activated a cross-country pipeline routing crude to its western coast — enabling shipments to depart from Red Sea ports rather than depending exclusively on Gulf export corridors. By the end of March, the kingdom had clawed back roughly 70% of its prewar export volumes through that alternative route.
Elevated crude and oil-product prices more than compensated for the shortfall in shipment volumes, pushing total oil-export revenue above prewar benchmarks.
On the non-oil front, the picture was considerably bleaker. Non-oil exports, including re-exports, contracted 17.3% year-on-year in March, while national non-oil exports excluding re-exports plunged 27%. Re-exports, however, edged up 2.5%. Imports fell 24.8% over the same period, even as Saudi Arabia's merchandise trade surplus rocketed 218.9% compared with March 2025.
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