Exports of petroleum products took a hit in November, weighed down by sluggish demand in developed economies, a rise in domestic consumption and a significant decline in cheap petroleum imports from Russia.
During the April-to-November period, petroleum product exports amounted to $44.61 billion, a sharp drop from $55.02 billion in the same period last year, according to data from the ministry of commerce and industries.
These exports stood at $3.72 billion in November, down from $7.39 billion in the year-ago period.
Experts also attribute the downturn to softening demand in key markets and logistical disruptions along major supply routes, particularly in the Red Sea.
With these headwinds persisting, they cautioned that a recovery may take a while.
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