Saudi oil output rises to 8mbpd; business activity strengthens

Saudi Arabia’s crude oil production rose to 8 million barrels per day (mbpd) in September 2026, an increase of 12.2% month-on-month, while Brent crude prices settled at $103.5 per barrel at the end of the month, according to Al Rajhi Capital Research.

The increase in oil output, alongside elevated crude prices amid ongoing geopolitical tensions, comes as indicators point to improving conditions in the Kingdom’s non-oil economy.

Saudi Arabia’s Purchasing Managers’ Index (PMI) advanced to 55.3 in September, its strongest reading since February, signalling an acceleration in non-oil private sector business activity. The Al Rajhi Capital Saudi Construction Index also remained in expansionary territory at 54.4.

Consumer spending continued to support domestic demand, rising 6.4% year-on-year in August to SAR142 billion. E-commerce spending surged 26%, highlighting the growing contribution of digital channels to consumption.

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