Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen correspondent: An Israeli drone attacked the main road in the town of Harouf, South Lebanon.
Lebanese President: Israeli aggression on Blida took place in aftermath of meeting of ceasefire monitoring committee.
Lebanese President Joseph Aoun asks Commander of Lebanese Army to confront any Israeli incursion into liberated Lebanese territory in the South.
Al Mayadeen's correspondent: Israeli aircraft launch series of strikes on area of Jarmaq, South Lebanon.
Reuters: Afghanistan and Pakistan agree to restart peace talks in Istanbul.
Al-Mayadeen's correspondent in southern Lebanon: Israeli occupation forces withdraw from the Blida municipality building two hours after occupying it, and the Lebanese army enters
Pakistani army: 6 soldiers and 7 militants killed in clash near the Afghan border
Israeli media: Sirens sound in the settlement of Kerem Shalom in the Gaza envelope area
Afghan source to Al Mayadeen: We still believe in dialogue and prioritize diplomatic solutions with Pakistan; though we are ready for all possibilities.
Afghan source to Al Mayadeen: Pakistan purposely obstructed negotiations in Turkey by making unrealistic demands.

Drop in oil prices, production hinders Saudi Arabia's economy

  • By Al Mayadeen English
  • Source: News Websites
  • 31 Jul 2023 23:26
3 Min Read

The oil production cuts have pushed the Kingdom from one of the fastest-growing G20 members to one of the slowest.

  • x
  •  Saudi Arabia’s economy slows as oil prices, production drop
    Figures issued by the General Authority for Statistics show that Saudi GDP increased 1.1% year on year. (AP)

Saudi Arabia's economy stagnated in the second quarter as oil output cuts and price drops pulled the kingdom from one of the Group of 20's fastest-growing to one of the slowest.

Figures issued by the General Authority for Statistics show that GDP increased 1.1% year on year. This compared to 3.8% in the prior quarter and 11% a year ago.

The non-oil sector, which employs the majority of Saudis and which the government wishes to promote in order to diversify the economy, grew 5.5%. The GDP of the oil industry fell by 4.2%.

Read more: Saudi Arabia imports Russian oil, sends its own supplies to EU

The Kingdom received the biggest downgrading among major economies from the International Monetary Fund earlier this month, reducing the growth forecast for 2023 to 1.9%, a 1.2 percentage point decrease from the Washington-based lender's previous projection.

Related News

OPEC+ oil strategy challenges Trump’s domestic drilling agenda

KSA’s oil dependence persists despite vision 2030 promises: Bloomberg

In 2022, the economy grew by 9%, the fastest in the G20, thanks to record crude output of roughly 10.5 million barrels per day and prices averaging above $100 per barrel as energy markets suffered due to the ongoing war in Ukraine. 

This year, severe production cuts meant to support crude prices have driven Saudi oil output to its lowest level in years. Brent crude is now trading about $84.60 per barrel, down 1.6% from the end of 2022.

The $1 trillion economy's earnings from foreign oil sales fell to the lowest since September 2021. 

In early July, Russia announced that  Moscow will voluntarily cut oil exports by 500,000 barrels per day, building on previously declared production cuts.

Last month, oil prices rose as Saudi Arabia reduced output by a million barrels to support prices, while fellow OPEC+ members agreed to extend current cuts until 2024. Saudi Arabia announced its own fresh reduction, bringing July output to nine million barrels per day.

OPEC+ countries are dealing with dropping oil prices due to expectations that demand would decline as major economies battle to contain rising inflation. Oil has fallen by approximately 10% since April when some OPEC+ members agreed to cut production by more than one million bpd voluntarily in an effort to stop losses.

  • Saudi Arabia
  • G20
  • Oil prices
  • Oil Production

Most Read

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Arab League chief exposes secret US deal shielding 'Israel’s' nukes

Arab League chief exposes secret US deal shielding 'Israel’s' nukes

  • Politics
  • 27 Oct 2025
Hi-tech holocaust: Microsoft’s role in Gaza genocide

Microsoft's role in world’s first AI-driven genocide, in Gaza, exposed

  • Technology
  • 28 Oct 2025
What Marr evidently didn't seem to understand was that Hedges isn't saying that Western journalists manipulate the truth, but that they systematically amplify Israeli narratives they know are false. (Al Mayadeen English; Illustrated by Batoul Chamas)

Western journalists know they have a case to answer for their betrayal of Gaza, and it frightens them

  • Opinion
  • 24 Oct 2025

Coverage

All
War on Gaza

Read Next

All
An undated photo of US Air Force personnel from the 576th Flight Test Squadron Missile Handling Team installing a cable raceway on an intercontinental ballistic missile at Vandenberg Air Force Base, California (Staff Sgt Jonathan Snyder/US Air Force)
Politics

Trump nuclear test threat risks escalating tensions with China: NYT

Displaced Palestinians walk along the coastal road near Wadi Gaza in the central Gaza Strip, moving toward northern Gaza, Friday, Octtober. 10, 2025. (AP Photo/Abdel Kareem Hana)
Politics

US advances Gaza security force plan amid fragile ceasefire

Sam Altman, co-founder and chief executive officer, OpenAI, listens to testimony during a Senate Committee on Commerce, Science, and Transportation hearing, Thursday, May 8, 2025, in Washington. (AP Photo/Kevin Wolf)
Technology

OpenAI prepares for historic IPO targeting $1 trillion valuation

'Israel' approves illegal settlement expansion in occupied al-Quds
Politics

'Israel' approves illegal settlement expansion in occupied al-Quds

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS