Saudi Arabia’s oil exports plunge $11bln in first quarter – ZAWYA

Saudi Arabia’s oil exports plunge $11bln in first quarter – ZAWYA

DUBAI - The value of Saudi Arabia's oil exports plunged by 21.9% year on year in the first quarter to $40 billion, corresponding to a decline of about $11 billion, official data showed on Sunday.. Non-oil exports, including chemicals and plastics, fell by 16.5%, it said.. China was the main destination for Saudi exports in Q1, followed by Japan and India.. Saudi Arabia posted a $9 billion budget deficit in the quarter as oil revenue fell by 24% to $34 billion..