Overall exports increased 93% in March to 142 billion riyals, with oil sales contributing 80%. Image Credit: Bloomberg

Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production.

The value of crude exports, the Kingdom’s main source of income, rose by 123 per cent year on year to reach the highest level since 2016, the earliest data available.

Saudi Arabia’s crude production rose to 10.3 million barrels a day in March, with oil prices averaging $112 a barrel. That helped the Kingdom post a 57.5 billion riyal budget surplus in the first three months of the year and become one of the fastest growing large economies in the world this year.

Overall exports increased 93 per cent in March to 142 billion riyals ($37.9 billion), mainly led by the jump in oil sales, according to data from the General Authority of Statistics. The share of oil exports in the total figure stood at 80 per cent in March, up from 70 per cent a year earlier.