• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Saudi Economic Growth To Double This Year On High Oil Prices

  • The IMF is targeting 7.6% growth for the Saudi economy this year, raising its forecast by 2.8%.
  • The increase in oil production and export revenues fuel the Saudi economy.
Saudi Flag

High oil prices will push Saudi Arabia’s economy into high-growth mode, more than doubling this year, according to the International Monetary Fund (IMF), which raised its growth forecast for the Kingdom on Tuesday. 

The IMF is targeting 7.6% growth for the Saudi economy this year, raising its forecast by 2.8%. 

While much of this was attributed to multi-year-high oil prices, the IMF has also noted growth and expected further growth in non-oil revenues. 

“We raised our estimates of the growth rate of the Saudi economy by 2.8 percentage points, which reflects the increase in oil production in accordance with the OPEC+ agreement, in conjunction with the more non-oil output growth exceeding expectations,” the IMF said in its World Economic Outlook report.

A Capital Economics report has Saudi oil production rising to 10.3 million barrels per day in March, for 26.7% year-on-year growth, which is classified as the fastest rate of growth for the kingdom in nearly two decades. 

Capital Economics forecasts the Saudi economy will grow by 10% this year and by 5.3% in 2023. 

At the same time, Capital Economics economist James Swanston remains optimistic that the Saudis will further increase output beyond what OPEC+ has agreed to, Arab News reports. 

Capital Economic’s increased Saudi output projection comes despite the cartel’s recent report suggesting that global oil demand would be around 480,000 bpd lower than previously expected due to slower economic growth driven down by Russia’s war in Ukraine and China’s COVID restrictions. 

The IMF’s double-growth projections for Saudi Arabia come as it slashes its forecast for overall economic growth from 6.1% in 2021 to 3.6% in 2022 and 2023. 

By Charles Kennedy for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News