Saudi Arabia’s oil-export revenues plunged $11 billion in the first quarter as crude prices tanked

Saudi Arabia’s oil-export revenues plunged $11 billion in the first quarter as crude prices tanked

Revenue from oil exports declined by 21.9% year-on-year to $40 billion, slashing total revenue from merchandise exports down 20.7% to $53 billion.. Saudi Arabia's revenue from oil exports tanked 21.9% or about $11 billion in the first quarter of 2020, according to official data released by the country's statistics agency .. The General Authority for Statistics said the sharp decline fueled a 20.7% year-on-year drop in the kingdom's total revenue from merchandise exports to $53 billion.. Lower prices contributed to oil exports making up 75.8% of Saudi Arabia's total exports last quarter, down from 77% a year earlier.. Its revenue from non-oil exports, such as plastics and chemicals, fell by 16.5% in the first three months of the year..