Saudi Arabia’s petroleum export revenues declined by 3.96% Year-on-Year during H1 2019, according to a Mubasher survey.

Crude oil and petroleum product exports decreased by SAR 16.16 billion ($4.31 billion) to SAR 391.83 billion ($104.5 billion) down from SAR 407.98 billion ($108.8 billion) in H1 2018, which is mainly due to the decline in exports during the months of May and June on an annual basis, by 5.3% and 22.2%, respectively.

Average daily exports of Saudi oil fell in June to 7.997 million barrels per day (b/d), its lowest level in four years and a half, since December 2014. This also marked the first time Saudi oil exports went below the 8-million b/d level.

The Kingdom crude oil exports are expected to remain below the level of 7 million b/d in the months ahead. The level of production is set to stay below the 10 million b/d mark, despite that the Saudi production quota under the production cut agreement, sponsored by the Organization of the Petroleum Exporting Countries (OPEC), is at 10.3 million b/d.

It worth noting that Saudi Arabia’s oil production fell to 9.6 million barrels per day (b/d) in July, decreasing by around 200,000 b/d compared with June.

The Saudi Minister of Energy, Khalid Al-Falih, has recently assured that his country will continue with the production cuts until the end of Q1 2020.