Saudi Arabia in September 2026: the most important developments in economy
In September 2026 Saudi Arabia's economy was dominated by the shutdown of its East-West oil pipeline. Around 11 and 12 September the pipeline was shut after drone attacks; Iraq said an attack on it originated from its territory and Kuwait condemned the strike. Saudi Aramco cancelled European crude cargoes, including October deliveries to Europe, and oil prices rose amid increased Red Sea risks. Riyadh offered additional volumes through Oman, and US energy officials said the line should be back within days. On 22 September Saudi Arabia restarted the East-West pipeline, boosted exports, and by 28 September resumed Red Sea oil exports after repairs. The head of Aramco said any interruption can be fixed within days, and the kingdom sold 100 million barrels in a week, easing an Asian supply crunch. Oil traded near $108 on 24 September as new strikes hit the kingdom.
Saudi Arabia cut its oil output in September to its lowest level this year amid Houthi threats, even as OPEC projected faster growth in global demand in 2027. OPEC+ kept output unchanged for October.
The energy minister announced the discovery of a major uranium deposit near Medina on 16 September; the finds were reported as 110 million tonnes of uranium-bearing ore. Among other deals, SABIC awarded a $3.5 billion contract to Samsung E&A for an ammonia-urea complex due to begin operations in 2030, and Knowledge City signed a $746.7 million housing deal in Medina. Trade between Egypt and Saudi Arabia reached $82.2 billion over five years.
by WorldBrief & Maksim Micheliov | AI-generated summary
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