Saudi Arabia, one of the world's leading oil-producing countries, GDP = gross domestic product from July to September increased by 6.8% compared to the same period last year, and the economy is backed by rising crude oil prices. The recovery is clear.
It will be interesting to see if Saudi Arabia will make additional production increases.
The Saudi Arabia Census Bureau announced on the 9th that the real growth rate of GDP from July to September was 6.8% higher than the same period last year.
Regarding the background, the Statistics Bureau explained that "a large increase in oil revenue was affected by the rise in global demand for crude oil," which is the highest level since 2012 when crude oil prices were soaring.
In Saudi Arabia, which relies on oil for more than 60% of its revenue, the domestic economy was hit by the slump in crude oil prices due to the spread of the new coronavirus infection, but against the backdrop of rising crude oil prices due to the resumption of economic activities. The economic recovery has become clear.
However, Saudi Arabia remains cautious about the significant increase in production demanded by Japan and the United States, as the future remains uncertain.
Major oil-producing countries will soon be discussing production policies for next year and beyond, and it will be interesting to see if Saudi Arabia will make additional production increases.