Skip to main content
Skip to footer
Statistics compiled from the Joint Organizations Data Initiative (JODI) show that direct oil burn averaged 943,000 b/d during the first half of this year even as electricity demand soared by 10 percent year-on-year IMF expects 3.5 percent non-oil growth for the full year of 2024, similar to the official estimate of 3.4 percent Oil activities expanded by 0.3 percent year-on-year, while non-oil activities experienced a notable growth of 4.2 percent Macroeconomic impact of the entire energy sector is estimated to represent 40 percent of the Kingdom’s GDP Seasonally adjusted real GDP rose by 1.4 percent compared to the first quarter of 2024 The Fund highlighted resilient non-oil growth in the Kingdom, applauded record low unemployment Domestic non-oil exports, excluding re-exports, rose by 1.4 percent Capital Maritime and Trading Corporation agreed to deliver the carriers to Bahri in multiple batches before the end of Q1 of 2025 Aramco’s total production could rise from 12.9 million barrels per day in 2023 to 14.1 million barrels per day by financial year 2028 Nasser foresees resilient oil fundamentals despite price decline, sees demand growth of 1.6-2 million bpd Crude oil production increased to 8.99 million bpd, reflecting a monthly rise of 0.08 percent Saudi Arabia sees 7.7 percent annual surge in manufacturing activity in April 2024 Non-oil activities also rose by 0.9 percent in the first three months of 2024 compared to the previous quarter Brent oil futures expiring in July dropped 0.3 percent to $81.61 per barrel Brent oil futures for July delivery held steady at $83.61 per barrel Brent crude futures for July delivery rose 0.3 percent to $84.51 per barrel Brent crude oil futures expiring in July edged 0.1 percent lower to $83.04 per barrel The rating reflects the government's significant progress in implementing a broad-based reform agenda since 2016 Brent oil futures for July delivery gained 0.1 percent to $82.22 per barrel By 2025, the Kingdom is expected to account for 67 percent of the MENA region's total E&P expenditure Brent crude oil futures for July delivery fell 0.1 percent to $81.31 per barrel Brent crude oil futures expiring in July declined 0.7 percent to $81.35 per barrel Brent crude oil futures expiring in July slid 0.6 percent to $82.40 per barrel Brent crude futures fell 44 cents, or 0.53 percent, to $83.27 a barrel
