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Oil prices climb amid Saudi export decline
The rise in oil prices compensated for the decline in Saudi exports during the war, as experts estimated that oil export revenues reached approximately $210 billion annually, despite reductions in quantities and price fluctuations. Before the war, exports were around 7 million barrels per day at a price of $60, generating about $150 billion in revenue. However, with the quantities dropping to less than 4 million barrels and the Brent price rising to nearly $110 during the peak of disturbances, revenues increased to around $160 billion. As production recovered to 5.5 million barrels per day and the Brent price stabilized at $105, the revenue level returned to $210 billion. This increase reflects the sensitivity of Saudi oil revenues to both the price of crude and the volume of exports, accounting for about 6% of the country's GDP. The system also recorded a notable rise in exports in September after the reopening of the East-West pipeline, although flows remain below pre-war levels.
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