Saudi Arabia’s economy contracted 7% year on year in the second quarter as the world’s largest crude exporter was hit hard by the demand destruction caused by the coronavirus pandemic, the kingdom’s General Authority for Statistics reported Sept. 30. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The historic drop illustrates the urgency behind Saudi Arabia’s efforts to lift and stabilize crude prices through OPEC’s alliance with Russia and other key producers, after global oil demand cratered due to the pandemic. It also highlights the kingdom’s difficulties in diversifying its economy away from its lifeblood oil industry that contributes more than two thirds of its revenues. The Q2 decline “originated mainly from the contraction in the non-oil sector by 8.2% and the […]