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Oil revenue in Saudi Arabia in May 2023 hit its lowest point since September 2021. The amount of revenue dropped at a rate of roughly 37.7% each year. This sharp decline in oil revenue is due to production cuts led by OPEC+.

Saudi Oil Revenue Drops to Lowest Since 2021 as Prices Falter

Oil revenue in Saudi Arabia in May 2023 hit its lowest point since September 2021. The amount of revenue dropped at a rate of roughly 37.7% each year. This sharp decline in oil revenue is due to production cuts led by OPEC+.

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