Saudi Arabia’s receipts from oil sales abroad declined by more than a third to the lowest since September 2021, amid a spluttering recovery in energy markets. 

The kingdom’s oil exports dropped to just over $19 billion during May, according to data from the General Authority for Statistics that includes both crude and refined products. The share of oil sales in total exports fell to 74% from nearly 81% a year ago. 

Saudi Arabia, the world’s largest oil exporter, saw a significant windfall from higher crude prices and production in 2022. This year, the kingdom said it would prolong production cuts it started earlier in 2023, trying to boost prices by keeping a lid on supply amid persisting fears over the global economy. 

Crude oil prices have gained in recent weeks due to the effect of the cuts, but are restrained by concerns that higher interest rates could throttle economic activity in the US and Europe. Brent prices averaged about $75 per barrel in May, and traded at $82.61 on Tuesday. 

In the non-oil sector, the focus of Crown Prince Mohammed bin Salman’s plans to transform the economy, exports dropped by nearly 9% year-on-year to 25 billion riyals ($6.7 billion) in May.