Saudi Arabia reported a 13% decline in oil export revenues in July compared with the same month last year.

Saudi Arabia reported a 13% decline in oil export revenues in July compared with the same month last year.

In July this year, Saudi Aramco, the National Oil Company of Saudi Arabia, had nearly $16 billion in oil exports despite a rise in oil prices.

According to an estimate by the International Energy Agency, Saudi Arabia’s daily oil production in July increased by 900,000 barrels compared with the previous month, reaching 8.24 million barrels per day, but it was still 1.3 million barrels less than in July last year.

It is expected that, considering the significant drop in Saudi Arabia’s oil production and exports in August due to the simultaneous disruption by the Islamic Republic of Iran in the Strait of Hormuz and the Houthis in the Red Sea, Saudi Arabia’s oil revenues will see a further decline.

According to the International Energy Agency estimate, Saudi Arabia’s oil production in August this year had fallen below six million barrels.