Figures from the International Energy Agency (IEA) showed Saudi Arabia cut August supply by 330,000 barrels per day (bpd) to 9.68 million bpd "seemingly in response to lower requests from customers".
The report comes on the day officials released figures for second-quarter economic growth, which showed a significant slowdown from 5.1 percent to 3.8 percent year-on-year.
"Looking ahead, we think growth will weaken further. The slowdown in the oil sector looks set to continue and may even contract in annual terms towards the end of the year," Jason Tuvey of Capital Economics explained.
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Saudi Arabia's massive oil revenues are managed by the Saudi Arabian Monetary Agency (SAMA), the country's central bank, and serve as the backbone for policy responses to economic shocks. Earlier this month, HSBC noted the Kingdom's foreign reserve levels stood at $742 billion, enough to cover 35 months of imports.
"The macroeconomic outlook is favorable and substantial policy buffers are in place, but the current path of fiscal policy risks substantially eroding these buffers over the next few year," the IMF warned.
The Saudi Tawadul, the stock exchange with the largest market capitalization in the region, has gained over 25 percent so far this year.