Saudi Arabia GDP climbs nearly 12% in 2nd quarter on oil gains

RIYADH: Saudi Arabia’s annual economic growth hit nearly 12% in the second quarter, led by a strong oil sector, the government statistics agency said on Sunday.
The Middle East’s largest economy has benefited from soaring oil prices due to Russia’s invasion of Ukraine, and has largely resisted calls by Western countries to increase production to lower oil prices.
Growth in the second quarter was 11.8 percent year-on-year, according to an initial “flash” estimate released by the General Statistics Office.
“This dynamic growth was mainly driven by a 23.1% increase in oil activity,” the agency said.
Non-oil economic activities increased by 5.4% and government services increased by 2.2% compared to the second quarter of 2021.
The Ukraine war and the rise in crude prices have benefited oil-producing nations such as Saudi Arabia, the world’s largest crude exporter with gross domestic product expected to rise. 7.6% in 2022, by International Monetary Fund.
As the war rages on, Saudi Arabia and the United Arab Emirates underscore their commitment to the OPEC+ oil alliance led by Riyadh and Moscow, underlining their growing independence of Riyadh and Abu Dhabi from longtime ally Washington.
Our President Joe Bidenwho once vowed to make Saudi Arabia the “bad guy” for human rights abuses, visited the kingdom in early July, drawing criticism from human rights activists for greeting Prince. Mohammed bin Salman with a fist bump.
Oil was on the agenda during Biden’s meeting with Saudi leaders and in the next summit of regional leaders, but the visit ended without any agreement. any increase in output.
The OPEC+ group will meet on Wednesday.
The main US contract, West Texas Intermediate crude, rose more than 5% on Friday to rebound above $100 a barrel.

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