Saudi Arabia’s GDP shrank 3.3% in the first quarter due to lower oil production from a year-earlier period, as the biggest Arab economy suffers from adherence to OPEC+ cuts. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Oil GDP decreased 12% in the first quarter, compared with a 4.7% contraction in the corresponding quarter last year, the General Authority for Statistics said May 10. The first-quarter economic slowdown was lower than the 3.9% contraction recorded in the fourth quarter of 2020, when the oil GDP shrank 8.6%, data showed. Saudi Arabia has been curbing its production since May 2020, when the OPEC+ alliance started the steepest cuts in its history by trimming […]