According to local reports released on 21 February, Saudi Arabia achieved its highest oil revenues in 2022 in the past 10 years, amounting to $326 billion.

US-based news outlet Bloomberg disclosed that despite Riyadh’s achievement in oil revenues in 2022, monthly revenues decreased during the year’s second half. It was also reported that the kingdom’s oil exports accounted for 70 percent of its total exports that year.

According to data released by Saudi Arabia’s General Authority, Saudi oil exports increased from 71.9 percent in December 2021 to 79 percent by December 2022.

Since the US imposed an embargo on Russia over its military operation in Ukraine, oil prices spiked in the first half of 2022, creating a global energy crisis.

Earlier this month, the kingdom unexpectedly increased oil prices for its customers in Asia, the EU, and the US. The decision to increase oil prices was made despite oil prices dropping by around seven percent this year.

This marks the first notable increase in crude oil prices since September last year. The kingdom increased all prices for EU buyers by $2 a barrel and 20 cents for US customers.

This came a few months after the kingdom and Kuwait denied that OPEC+ is considering increasing its oil production capacity. According to a report from Al-Monitor, the Saudi government said that the production cut of 2 million barrels a day will be maintained until the end of 2023. 

Last year, the US Senate approved the No Oil Producing and Exporting Cartels Act (NOPEC), which could open OPEC member states and their partners to antitrust lawsuits for “orchestrating supply cuts that raise global crude prices.”

In particular, this bipartisan bill would change US antitrust laws to revoke the sovereign immunity that protects OPEC and its national oil companies from lawsuits.

Washington has also repeatedly demanded that its allies in Riyadh and Abu Dhabi break with their OPEC+ commitments and increase oil production.

However, both the UAE and Saudi Arabia have reaffirmed their common interests with Moscow and have snubbed demands by Washington.