As the world’s largest exporter of crude oil, Saudi Arabia is set for a watershed year in 2022. Prices have reached their highest in almost 14 years, on the back of Russia’s invasion of Ukraine in February, and are holding above $100 at time of writing.
The country’s economy is set to reap the benefits of both high prices and any gradual increase in production in 2022, with other global oil producers either unable or unwilling to commit to further increases in supply for the rest of the year. This gives Saudi Arabia its strongest economic growth in 11 years and a return to economic surplus for the first time since 2014.
