Saudi Arabia’s oil revenues fall to three-year low!

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OPEC leader Saudi Arabia’s oil export revenues fell to their lowest in three years, driven by weak demand growth and falling prices. In August, oil revenues totaled $17.4 billion, down 6% from July.

What does this mean for Saudi Arabia?

• The country’s economy remains dependent on oil revenues.

• Ambitious plans to expand tech, tourism and manufacturing are being hampered by falling oil revenues.

What’s next?

• Oil prices could continue to fall on weak demand and rising supplies.

• OPEC+ could decide to lift some production curbs, pushing prices down further.