Saudi oil export revenues hit 3-year high in March amid Middle East war

Saudi Arabia’s oil export revenues surged to their highest level in more than three years in March, as higher energy prices and the kingdom’s ability to reroute crude shipments helped offset disruptions caused by the closure of the Strait of Hormuz.

Oil exports rose 37.4% year-on-year in March, while their share of total merchandise exports increased to 80.3% from 71% in the same month of last year, according to the General Authority for Statistics.

Based on total merchandise exports and the oil-export share, Saudi crude and oil-product export revenues stood at around 92.5 billion Saudi riyals ($24.7 billion) in March, the highest level since October 2022.

The increase came in the first full month of the war in the Middle East, which began at the end of February and triggered major disruptions to energy flows through the Strait of Hormuz, one of the world’s most critical oil chokepoints.

Benchmark oil prices in London surged 43% in March as the near-shutdown of the strait cut off a large portion of global oil supplies and intensified concerns over energy security.

Saudi Arabia was less exposed than some Gulf producers to the disruption after activating a cross-country pipeline that transports crude to its western coast, allowing shipments to be loaded from Red Sea ports rather than relying solely on Gulf export routes.

The kingdom had recovered to around 70% of its prewar export levels by the end of March, supported by the alternative route.

Higher crude and oil-product prices helped compensate for lower shipment volumes, lifting total oil-export revenue above prewar levels.

Non-oil exports, including re-exports, fell 17.3% year-on-year in March, while national non-oil exports excluding re-exports declined 27%. Re-exports rose 2.5%.

Imports decreased 24.8% over the same period, while Saudi Arabia’s merchandise trade surplus jumped 218.9% compared with March 2025.