According to data from Saudi Arabia's statistics authority, the country's oil export revenue in July declined 12.8% year-on-year, following a 2.3% drop in June.

Oil export revenue fell to 59.888 billion Saudi riyals from 63.177 billion Saudi riyals in June.

The share of oil exports in total exports decreased to 71% from a revised 71.7% in June.

The trade surplus narrowed to 14.363 billion Saudi riyals from a revised 16.626 billion Saudi riyals in June.