Cost of Reversing Oil Crash Is Adding Up for Saudi Arabia

Saudi Arabia helped revive the oil market in the second quarter, but at a stinging cost to its finances. The kingdom’s crude exports dropped to the lowest on a quarterly basis since at least 2016 as it led a campaign alongside Russia to curb oil production following a coronavirus-induced price crash. While the effort yielded a stark turnaround in prices in May and June, Saudi revenue from oil sales still plunged almost 62% in the three-month period from a year earlier.