Saudi Arabia's economy grew by 11.8 percent in the second quarter of this year (a record since 2011) thanks to higher oil prices, Bloomberg reported.

Rising energy prices, together with Russia's special operation to Ukraine, which changed the global patterns of trade, production and consumption, contributed to record GDP growth. Oil is trading 40 percent higher than at the beginning of the year. Saudi Arabia's unemployment rate fell to its lowest level since 2008 as economic growth hit.

Saudi Arabia was going to set a record premium for its oil for the Asian market in September. Also, against the backdrop of anti-Russian sanctions, the country is increasing the supply of raw materials to the European market.

In total, the states of the Middle East in July supplied Europe with up to 2.2 million barrels per day, which is almost 90 percent more than in January.