Saudi Arabia is expected to generate more oil revenue now than before the war with Iran began in February, as higher crude prices have more than offset the decline in export volumes. Its annualized export revenues are now estimated at $210 billion, up from $150 billion before the conflict, equivalent to more than 6% of GDP. U.S. military protection of tankers has restored much of the exports flowing through the Strait of Hormuz, while the East-West Pipeline, temporarily shut down after attacks by Iran-backed groups, is back online. By contrast, Iran’s economy is collapsing under the U.S. naval blockade, which is preventing any of the country’s oil from being exported.
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