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.
Saudi Arabia, the world’s largest oil exporter, is facing a deep recession this year amid the coronavirus crisis and lower oil revenues.