Saudi industrial production down 15.5% in May

Saudi oil production slid to 8.5 million b/d last May

  
An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Image used for illustrative purpose.

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Image used for illustrative purpose.

REUTERS/Ahmed Jadallah

Riyadh – Mubasher: Saudi Arabia's industrial production index (IPI) fell by 15.5% on an annual basis during May 2020, mainly driven by a drop in the mining and quarrying activity by 11.98%.

Saudi oil production decreased to 8.5 million barrels per day (b/d) last May, compared with 9.6 million b/d in the corresponding month in 2019, according to the monthly report of the General Authority for Statistics (GaStat).

Moreover, the manufacturing activity plunged by 25.9% as factories limited production operations due to the COVID-19 pandemic.

On a monthly basis, the Saudi IPI retreated by 21.8%, largely due to a 29.2% decline in the mining and quarrying activity as oil production slid to 8.5 million b/d in May from 12 million b/d in April.

Meanwhile, non-oil manufacturing activity grew by 7.1%. Additionally, all industries recorded higher produced volumes in May when compared to April, with the paper production activity heading the risers with 17%, followed by the production of furniture and rubber and plastics with 15.7% and 15%, respectively.

Source: Mubasher

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