Saudi Arabia’s oil exports jumped 106 percent, reaching SR116 billion ($30 billion) during the month of May 2022 while compared to the same period last year, according to the latest report published by the General Authority for Statistics (GASTAT), released on Monday.
The percentage of petroleum exports out of total exports rose to 80.6 percent in May this year while compared to 72 percent in May 2021, the Saudi Gazette reports. However, non-oil exports, which include re-exports, also increased, registering an increase of 26.7 percent to SR27.9 billion ($7.43 billion) in May 2022.
Saudi Arabia continues to produce at near-capacity levels to meet soaring global demand, in partnership with OPEC+.
Meanwhile, a top Biden Administration official, in comments to Axios, said that Saudi Arabia has “more to give” global markets.
White House Middle East coordinator Brett McGurk told a group of think tank experts last week that Saudi Arabia and the United Arab Emirates are capable of increasing oil production even more, three U.S. sources who were on the call told Axios.
