Commodities
Saudi Economy Contracts by 3.6% as Oil Revenues Plummet
The Saudi Ministry of Finance has projected that the country's economy will contract by 3.6% this year, due to declining oil activity.
Crude output has fallen following disruptions to Saudi maritime exports through the Strait of Hormuz and the Bab al-Mandab waterway, with production hitting its lowest since 1990 in August.
The ministry also forecast that the fiscal deficit would grow to SAR190 billion ($51 billion) in 2027, a widening of SAR26 billion above the 2026 estimate.