Saudi Arabia's oil output climbs to 8 million barrels a day in September
Al Rajhi Capital says Saudi crude production rose 12.2% month-on-month in September, while the non-oil PMI reached its highest level since February.
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what happened
Saudi Arabia's crude output reached 8 million barrels per day in September 2026, up 12.2% from the previous month, according to Al Rajhi Capital Research. Brent settled at $103.5 a barrel at the end of the month, amid ongoing geopolitical tensions.
The kingdom's non-oil PMI rose to 55.3 in September, its strongest reading since February, pointing to faster private-sector activity. Consumer spending grew 6.4% year-on-year in August, and e-commerce spending jumped 26%. Still, real GDP shrank 4.7% year-on-year in the second quarter, mainly because oil activity fell 24.8%.
Al Rajhi estimates the 2026 deficit at SAR245 billion, or 4.9% of GDP, as spending runs 9.3% above budget. Real estate and trade data were weaker: residential transaction values fell 39% in September and merchandise exports dropped 17.2% in July.
why it matters
Higher output at elevated prices supports Saudi revenue, but projected overspending raises pressure on public finances. For oil markets, a major producer raising supply is the key signal, while the 6.2% drop in the TASI in September highlights investor caution.
market impact
Oil: higher Saudi output adds supply, pressuring Brent; TASI: weak September amid mixed economic data
tags
instruments
sources
- ZAWYA: Saudi oil output rises to 8mbpd; business activity strengthens — Reuters, 23 October 2026 at 03:12 UTC
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