Oil revenues surged in three Arab nations during the second quarter of this year, benefiting from elevated global prices and persistent disruptions in the Strait of Hormuz. Conversely, Qatar experienced a dramatic contraction in earnings, diverging sharply from the regional upward trend observed among its peers.
Saudi Arabia Diversifies Routes to Boost Earnings
Saudi Arabia’s oil export revenues climbed to $54.21 billion in the second quarter, marking an increase of over nine percent compared to the same period last year. This growth occurred despite a twelve percent drop from the first quarter’s $61.56 billion, reflecting partial impacts from logistical challenges. Total revenue for the first half reached $115.77 billion annually.
Oman and Libya Benefit from Price Hikes
Livian oil revenues deposited into the sovereign account jumped eighty-six percent year-on-year to $9.85 billion. This surge was primarily driven by a rise in the price of Libyan Sour crude from $70.67 to $94.47 per barrel, even as export volumes remained stable at approximately 1.2 million barrels daily. Meanwhile, Oman’s revenues rose sixteen percent to $4.67 billion, supported by its geographic position outside the strait’s immediate conflict zone.
Qatar Faces Severe Revenue Collapse
In stark contrast, Qatar’s combined oil and gas revenues plummeted ninety-seven percent to just $240 million. The nation relies entirely on the Hormuz strait for exports, leaving it vulnerable to current maritime disruptions. Average crude exports fell fifty-four point five percent to 268,000 barrels daily, causing total semi-annual revenues to drop fifty-six percent to $9.23 billion.
This story was produced in the newsroom from the disclosed sources named above.
