Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s oil exports increased by 8 percent YoY (1 percent MoM) to 6.52 million barrels per day (bpd) in September, rising for the fifth straight month. Between April and September, oil exports have risen by nearly 15 percent. Total crude output by the Kingdom rose 100,000 bpd to 9.62 million bpd in September, the highest since April 2020.
- Saudi Arabia’s holdings of U.S. Treasury bills rose 0.2 percent MoM (-5.3 percent YoY) to SAR466 billion ($124.3 billion) in September, according to the Department of Treasury. Since the beginning of the year, the Kingdom reduced its investments in U.S. Treasuries by 8.9 percent. Saudi Arabia ranks as the 17th largest sovereign holder of U.S. debt.