Oil Price said that the price war in the oil market between Saudi Arabia and Russia, Riyadh suffered losses in oil export revenues amounted to $ 12 billion in April alone.
The site added that the data of the Saudi Statistics Authority showed that the revenues of Saudi oil exports decreased by more than 65%, compared to April of last year, with Riyadh increasing its production in an unprecedented way.
And Saudi Arabia's revenues from oil exports have been declining since the beginning of this year, as they fell 23 billion dollars from January to the end of April.
World oil expert Dr. Mamdouh Salameh said that Saudi Arabia did not profit from the price war against Russia last April.
He added to the island that the Saudi decision was hasty and emotional, and pointed out that Riyadh's decision to dump markets came at a time when these markets were overwhelmed by more than 30 million barrels, due to the decrease in global demand due to the Corona virus crisis and under the pressure of oversupply by about 1.8 billion barrels.
Mamdouh Salameh noted that while Russia needed a price of $ 40 to equal its budget, Saudi Arabia needed between $ 84 to $ 91 to achieve a balance of its budget.
To counteract its declining revenue, Saudi Arabia has resorted - in safety - to cutting spending and imposing taxes to restore balance.
The International Monetary Fund said last Wednesday that the Saudi economy will shrink by 6.8% this year, a retreat more than the 2.3% slowdown expected in April, due to the severe repercussions of low oil prices and the Corona virus pandemic.