Saudi Arabia recorded a GDP growth rate of 11.8 percent for the second quarter, driven by a 23.1-percent rise in oil income, according to preliminary data cited by Reuters. The value of Saudi Arabia’s oil exports has been growing this year, especially after the Russian invasion of Ukraine in February. The latest monthly data , for May, revealed a 106-percent increase on the year to SR116.2 billion, with oil exports making up 80.6 percent of all exports out of Saudi Arabia in that month. Saudi Arabia, OPEC’s biggest oil producer, was recently put in the spotlight as one of the few OPEC members that may have the spare oil production capacity to make up for lost Russian supply. The Kingdom, however, has been reluctant to tap this spare capacity, with Crown Prince Mohammed bin Salman, the de facto ruler of the country, saying last month that “The Kingdom will […]