I created a clipping mask out of an image
Unfortunately, when I save the image as PNG and JPEG, It still retains the size of the original image.
How do I get rid of the excess size to bring the image down to the exact size of the oval which is
If you want to save the file to jpg or png using the Export function with the dimensions of the artboard, you have to check 'Use Artboards', just above the export and cancel button in the export window.
When you select this option, you can also choose whether you want to export all artboards or just a selection.
Your chosen file name will be appended with the number of the artboard, or in case you gave the artboard a name it will add that to the filename.