- Saudi Q3 GDP fell 3.8% YoY.
- Oil activities declined 20.4% YoY.
- Citi says oil sector explains entire contraction.
Saudi Q3 GDP fell 3.8% YoY, oil sector down 20.4%. Citi says oil output cuts entirely responsible; non-oil economy positive. Elevated prices cushion revenue but real output still below capacity. Production relies on export logistics, not OPEC+ allocations.
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