Saudi oil exports fell 21.9 percent to $40 billion in the first quarter

Reuters reported on Sunday, citing official data, that Saudi Arabia's total oil exports in the first quarter fell 21.
9 percent from a year earlier to $40 billion, down about $11 billion
.

Brent crude prices fell more than
60 percent in the quarter due to the breakdown of negotiations on further production cuts in March, the oil price war between Saudi Arabia and Russia, and the impact of the coronavirus pandemic.

Saudi Arabia's General Statistics Agency said on Sunday that lower oil exports were the main reason
for a 20.
7 percent drop in the value of overall merchandise exports in the first quarter.
Non-oil exports, including chemicals and plastics, fell 16.
5 percent
in the first quarter.

China was the main destination for Saudi Arabia's exports in the first quarter, followed by Japan and India
.
China is also a major source of
Saudi imports.

Saudi Arabia posted a $9 billion budget deficit this quarter as oil revenues fell 24 percent to $34 billion
.