Saudi economy contracts 0.46% in third quarter as oil output slumps

Reuters DUBAI – Saudi Arabia’s economy contracted by 0.46% in the third quarter from a year earlier, hit by a drop in oil output as the de facto leader of the Organisation of Petroleum Exporting Countries (OPEC) cut production, government data showed on Tuesday. Oil sector output declined 6.43%, but non-oil output grew 4.33%, led by private sector activity, the[Read More...]

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