Big winner of soaring oil prices! Saudi Arabia's economy grew by 11.8% in the second quarter, continuing to grow at its fastest pace since 2011

Thanks to higher oil prices and oil production, Saudi Arabia's GDP grew by 11.
8% in the second quarter, maintaining its fastest growth rate
since 2011.

Preliminary estimates released by the Saudi Statistical Directorate on Sunday showed that Saudi Arabia's non-oil gross domestic product grew by 5.
4 percent in the second quarter, while gross oil production plunged 23.
1 percent
.

Saudi Finance Minister Mohammed Al-Jadaan previously said at the Davos forum that Saudi GDP is expected to grow by 19%
this year.

Saudi Arabia's GDP grew 9.
9 percent in the first quarter of 2022, the highest quarterly increase since 2011 and more than the 9.
6 percent forecast
in May, the data showed.
The General Directorate of Statistics indicated that the increase was due to a 20.
3 per cent
surge in oil production activity.

In the past six months or so, affected by the Russian-Ukrainian conflict and other factors, oil prices were once more than 30% higher than at the beginning of the year, and are still at a high level
of more than 100 US dollars per barrel.

Biden has been calling on the Saudi-led OPEC countries to increase oil production to lower oil prices
.
In July, Biden embarked on a four-day trip to
the Middle East.

This week, OPEC and its allies will come together to decide on oil production policy for September, and the August 3 meeting will determine whether it will heed the U.
S.
call to supply more crude to
global markets.

Biden has not run in vain, and the upcoming OPEC+ meeting will give the answer
.