Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s crude oil exports rose for a third straight month in August to their highest in more than two years, according to the Joint Organization Data Initiative (JODI). Crude exports rose nearly 3 percent to 7.60 million barrels per day (bpd) in August, the highest since April 2020, from 7.38 million bpd in July. The Kingdom’s crude output rose to 11.051 million bpd in August from 10.815 million bpd in the previous month.
- Saudi Arabia sold SAR18.8 billion ($5 billion) in Islamic and conventional bonds for which demand topped SAR99.4 billion ($26.5 billion). The Kingdom sold SAR9.4 billion ($2.5 billion) in six-year sukuk at 105 basis points (bps) over US Treasuries (UST) and SAR9.4 billion ($2.5 billion) in 10-year bonds at 150 bps over UST.
- Saudi Arabia’s general real estate price index rose by 1.5 percent QoQ during the third quarter of 2022. The increase was primarily driven by higher residential real estate prices, which grew 2.50 percent.