Saudi Arabia in June 2026: the most important developments in economy
In Saudi Arabia in June 2026, the most widely reported economic event was the crash of a Saudi Aramco helicopter at Ras Tanura on June 28, which killed 14 people. Two days earlier Aramco had restarted oil loading at the Ras Tanura terminal after a halt of four months.
Oil policy and the disruption around the Strait of Hormuz shaped the rest of the month. Analysts told OPEC+ early in June that the Hormuz disruption would last through the end of the year, and by June 11 commentators were discussing what its reopening would mean for OPEC. On June 7 OPEC+ extended current production levels through the end of 2026 and agreed to a gradual increase of 188,000 barrels per day for July. Saudi Arabia cut its July crude prices for Asia as demand slowed. Russian President Vladimir Putin thanked Saudi Arabia for cooperation in the oil market. A country leaving OPEC boosted its oil sales to a record high, and on June 25 Iraq warned it might leave the organization if its production quota was not raised. On June 18 OPEC said no peak in oil demand was in sight, and Aramco was reported to be considering a $7 billion sale of sulfur assets.
On trade and business, Saudi Arabia lifted a five-year ban on Lebanese imports on June 11. The IMF said the kingdom was weathering the regional economic storm. Riyadh Air took delivery of its first Dreamliners and won approval to fly to the United States.
by WorldBrief & Maksim Micheliov | AI-generated summary
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