Saudi oil export revenues normalized in April even as volumes declined slightly and prices cooled, but the ability to continue generating steady revenues through the Hormuz crisis was a success story for Riyadh. After spiking to a three and a half year high of $24.9bn in March (MEES, 22 May), oil export revenues fell back to $18.6bn in April – still a $2bn improvement on the same period last year (see chart 1).
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