Saudi Oil Export Income Jumped to 3.5-Year High in March as Prices Soared

AI Summary

Saudi Arabia's oil export income reached a 3.5-year high in March 2026 despite record low production and export volumes. The surge is attributed to soaring oil prices and re-routing of crude exports to the Yanbu Red Sea port, boosting the Kingdom's merchandise export value.

Despite the lowest production and export volumes on record, Saudi Arabia saw the value of its oil exports surge by 37.4% in March to the highest level in three and a half years, data from Saudi Arabia’s General Authority for Statistics showed. The value of the Kingdom’s total merchandise exports rose by 21.5% in March 2026 from a year earlier, with oil exports surging by 37.4% as the soaring oil prices and the re-routing of crude exports to the Red Sea port Yanbu helped the world’s top crude exporter offset most of the traffic…