Saudi Arabia in August 2026: the most important developments in economy
Saudi Arabia's economy in August 2026 was shaped by oil policy and high crude prices during the US-Iran war. On August 2, OPEC+, which includes Saudi Arabia, Kuwait and Oman, agreed in principle to raise its oil production ceiling by 188,000 barrels per day for September. The increase continued the gradual rollback of voluntary output cuts and, according to reports on August 3, completed the unwinding of the 2023 cuts. Delegates described it as the sixth consecutive monthly hike, with a possible pause to follow. OPEC's crude output rose in July, led by Gulf nations, and on August 12 the organization lowered its forecast for global oil demand growth in 2026 while raising its projection for 2027.
Aramco, the Saudi state oil company, reported a 33% jump in second-quarter profit on August 4 as oil prices surged during the war. On August 9, Saudi Arabia said a fire at the Aramco refinery in Jazan had been extinguished, without giving details on the cause or any effect on operations. The same day, the Strait of Hormuz was described as shut and the Red Sea as under threat from the Houthis. Arabian Drilling resumed operations on all Saudi platforms by August 12, and Pakistan agreed to join Saudi Arabia, Kuwait and Qatar in an oil storage scheme.
On August 24, French President Emmanuel Macron announced that Saudi Arabia would invest about $7 billion (EUR 6 billion) in three manga-themed amusement parks near Paris, including a Dragon Ball Z park, after talks with Crown Prince Mohammed bin Salman. Construction is expected to begin in the coming years. Riyadh Air opened bookings for direct flights to Pakistan and the Philippines, and Makkah Construction reported a 19.7% rise in second-quarter profit to $46 million.
by WorldBrief & Maksim Micheliov | AI-generated summary
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