A specialized economic report revealed that the Kingdom’s decision to keep its crude oil production largely unchanged could affect its market share, It also ruled out major changes in OPEC policy at its meeting scheduled for early December, noting that OPEC will not proceed with production cuts unless producers outside the organization adopt a policy of reducing production in a way that does not affect the interests of both parties. Monthly change in the government’s accounts with SAMA.

The report issued by Jadwa Investment also noted that the net monthly change in the government’s accounts with SAMA turned positive in October for the first time in eleven months. The report attributes this to a decline in government spending compared to its levels during the first months of the year.

The report explained that non-oil exports continued to decline on a year-over-year basis, falling by 31.6 percent in value and 18.6 percent in volume in September, attributing the decline to weak global demand, which has persisted through the current period of 2015.

SAMA’s foreign reserves fell to $644 billion in October, compared to $651 billion the previous month. However, monthly net withdrawals continued to slow compared to their levels in the first half of 2015, reflecting the effectiveness of the new financing strategy.