According to Reuters, Saudi crude exports in the first quarter were worth $40 billion, down 21.9%, i.e. $11 billion this year, while Brent crude fell 60% in three months.

According to official figures, oil revenues fell 24% to $34 billion.

Saudi Arabia has been one of the most aggressive producers trying to prevent prices from falling, which agreed to slash output to help stabilise oil prices and then announced a further cut of one million barrels on basis of a quota agreed with OPEC+ partners.

Saudi Arabia was also the driving force for OPEC+'s agreement to extend a maximum production cut of 9.7 million barrels. Saudi Arabia has also made a stand against non-compliance, insisting on further production cuts to Iraq and Nigeria, Angola and Kazakhstan.