The Saudi GDP declined by 0.9% in 2023 compared to 2022, affected by a 9.2% decline in the oil sector. Non-oil activities achieved a growth of 4.6%, in addition to a growth in government activities by 2.1%.
Yesterday, the Saudi Ministry of Energy directed Aramco to stop plans to increase its maximum sustainable capacity to 13 million barrels per day. The agency quoted an unnamed source as saying that Saudi Arabia currently has a surplus capacity of 3 million barrels a day.