Saudi Arabian oil exports were 123% year-over-year in value in October, reaching approximately $22 billion as higher oil prices incentivized production.
The kingdom also raised its official selling prices earlier in December showing its confidence in recovering demand as the world comes out of the COVID-19 pandemic.
Despite market wobbles in oil prices due to fears for a renewed resurgence of COVID on the back of the omicron variant, expectations for strong continued demand have also been endorsed by OPEC+ and Goldman Sachs which saw oil prices reaching over $100 per barrel in 2022 in recent reports.
“You see how we will average a new record high in demand in 2022, and again, in 2023,” said Goldman Sachs head of energy research, Damien Courvalin, as recently as mid-December.
Meanwhile the IEA went on the record earlier in December that the Omicron variant could be a bump in the road in reaching pre-COVID supply and demand equilibrium, precipitating a fall in prices.