Saudi crude oil cuts throw last year’s standout economy into slow lane
Saudi Arabia’s decision to extend its oil production cuts — part of a so far largely unsuccessful bid to raise prices — may trigger an economic contraction in what was the Group of 20’s fastest-growing country last year.
It would be a stark turnaround for the $1 trillion economy, which surged almost 9% in 2022, helping Crown Prince Mohammed bin Salman invest tens of billions of dollars in everything from sports to tourism and new cities.
The boom was propelled by record crude output of around 10.5 million barrels a day and prices averaging $100 a barrel as Russia’s invasion of Ukraine roiled energy markets.
