Saudi oil revenue rises to $210 billion despite war, Brooks says

  • Saudi Arabia’s annualized oil export revenue increased to $210 billion during the war.
  • $210 billion is up from $150 billion before the war and exceeds 6% of GDP.
  • Saudi Arabia resumed East-West Pipeline exports through the Red Sea after drone damage.

Saudi Arabia’s annualized oil export revenue has risen to an estimated $210 billion from $150 billion before the war, despite exports falling from about 7 million barrels per day to below 4 million in March and April before recovering to 5.5 million. Robin Brooks, a senior fellow at the Brookings Institution, said the increase reflects a surge in crude prices. Brent crude futures for December were up about 60% year to date at roughly $97 per barrel when he wrote, revising figures cited in an earlier account that put the increase at about 75% and the price near $107. Brooks calculated that the windfall exceeds 6% of Saudi Arabia’s GDP and that Brent would need to fall well below $75 a barrel at current export volumes for the kingdom to be worse off than before the war. The East-West Pipeline has resumed exports through the Red Sea after drone damage, while U.S. protection has helped restore tanker traffic through the Strait of Hormuz. Brooks said Iran is likely to emerge severely weakened and dependent on foreign aid for reconstruction. Saudi Arabia has also sought support against Houthi attacks, and Washington approved a potential $24.3 billion sale of Lockheed Martin F-35 jets and related equipment, subject to congressional approval.

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