Saudi Arabia’s oil production increased by 20% in 8 months

Saudi Arabia’s oil production increased by 20% in 8 months

JEDDAH — Saudi Arabia’s average oil production increased since the beginning of 2022 until the end of August by 20 percent, a government document seen by Saudi Gazette showed.

The Kingdom’s production reached around 10.5 million barrels per day, higher by 1.8 million barrels per day compared to the same period last year.

The increase is due to the efforts by the OPEC+ agreement to support market stability and the performance efficiency for the benefit of the participants in the market and the petroleum industry.

Saudi Arabia expects the real GDP growth to reach 8 percent in 2022, driven by real GDP growth in oil activities and the sustained levels of growth in the non-oil activities, which is expected to record growth of 5.9 percent in 2022.

According to the OPEC monthly report on oil markets in August of 2022, global demand for oil is expected to register a growth of 3.1 million barrels per day compared to last year, to reach 100.03 million barrels per day.

Global demand for oil in 2023 is expected to grow by around 2.7 million barrels per day, to reach 102.72 million barrels per day.

It is worth noting that the share of the non-OECD countries constitutes the largest percentage