Saudi gains exponentially from oil with 48% rise in revenue

Published July 18th, 2012 - 09:56 GMT
Saudi oil
Saudi oil

Saudi Arabia's revenue from exports of crude oil and other petroleum products jumped 48 percent in 2011 as shipment volumes increased over the previous year, Opec reported.

The world's largest crude exporter shipped oil and products valued at $318.5 billion last year compared with $215.4 billion in 2010, the Organisation of Petroleum Exporting Countries said in its annual statistical bulletin.

Saudi exports of crude and other petroleum products rose 6.9 per c ent to an average of 8.12 million barrels a day last year.

Iran, the group's second-biggest producer after Saudi Arabia, exported crude and petroleum products valued at $114.8 billion compared tp $72.2 billion in the previous year.


© Muscat Media Group

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