- Saudi Arabia’s average oil production increased from the beginning of 2022 until the end of August by 20%, the Kingdom’s output reached around 10.5 million barrels per day, higher by 1.8 million barrels per day compared to the same period last year.
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The country expanded its oil output to 11.051 million bpd in August, in line with the production quota allocated by the larger OPEC+ group. Saudi Arabia pumped an additional 236,000 bpd of oil during the month, surpassing the 11 million bpd production level for the first time since April 2020.
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Saudi Arabia expects the real GDP growth to reach 8% in 2022, driven by real GDP growth in oil activities and the sustained increase in non-oil activities, which is expected to record growth of 5.9% in 2022.