Saudi Arabia’s oil sector grew by 8.2% in Q3, according to preliminary government statistics, its fastest pace since 3Q 2022’s 14.0%. Oil sector activity is accelerating as voluntary production cuts have been eased since April and Saudi Aramco readies large-scale gas projects for commissioning (MEES, 19 September).
This lifted the overall economy, with total GDP growth of 5.0% year-on-year the highest quarterly figure since 1Q 2023. Non-oil growth remained steady at 4.5%, down incrementally from the previous quarter’s 4.7%. The non-oil sector has been the real driver of the economy since 2023 when oil prices began to steadily decline and a series of production cuts were enforced to stabilize the market. (CONTINUED - 229 WORDS)
