Saudi Arabia’s oil exports increased by 123%, or $16.7 billion, in March 2022 as compared to the same month the previous year, according to the country’s General Authority for Statistics. Oil exports increased from 69.5% in March 2021 to 80.2% in March 2022, according to the data, as oil prices soared beyond $100 per barrel in March.

Higher oil prices more than compensated for a modest dip in Saudi crude oil shipments in March versus February. According to the Saudi statistics administration, the total value of all Saudi exports increased by 123% to $37.9 billion (142.2 billion Saudi riyals) in March 2022 compared to March 2021, owing primarily to a $16.7 billion (62.9 billion riyals) increase in the value of oil exports.

Saudi oil exports increased by $35.6 billion (133.6 billion riyals) in the first quarter of 2022, a 90.3% increase over the first quarter of 2021, according to a secondary estimate released today by the authority. The major reason for the increase in overall Saudi merchandise exports between January and March was the high price of oil.

Oil shipments climbed from 71.1% of overall exports in Q1 2021 to 78.3% in Q1 2022. According to flash estimates from the General Authority for Statistics, Saudi Arabia’s economy grew at its fastest rate in ten years in the first quarter, at 9.6%, compared to the same quarter in 2021. The growth was ascribed to oil activity and exports.