Saudi Arabia reported economic growth of 6.8 percent on the year for the third quarter on the back of higher oil prices. This is the highest quarterly growth for the Kingdom since 2012, Reuters noted in a report . “This positive growth was due to the high increase in oil activities by 9.0% as a result of rising world demand for crude oil and the increase of Saudi production in 2021,” the Saudi General Authority for Statistics said. The seasonally adjusted gross domestic product rose by 5.8 percent on a quarterly basis thanks to a 12.9-percent expansion in oil activities, the authority added. Oil prices have risen substantially since the start of the year thanks to growing demand and tight supply, including oil in storage globally. As a result, oil producers have seen a windfall, with Aramco booking a net profit of $30.4 billion for the third quarter of […]