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Saudi Arabia Oil

Saudi Arabia is without a doubt the world's largest producer of petroleum products. Their entire economy is dependent on oil production and other related oil industries. Oil exports accounted for approximately 90% of Saudi Arabia's total state revenues and earnings from exports. The oil industry makes up around 45% of Saudi's gross domestic product and 75% of the total budgetary revenues. In the production of crude oil, they are the second largest in the world next to Russia.

According to the latest figures, Saudi Arabia has around 260 billion barrels of oil reserves in stock. This makes up around 25% of the world's total oil reserves which is the largest in the world. This includes 2 and a half billion barrels stored in the Saudi-Kuwait neutral zone. The governing body of the oil industry in Saudi Arabia is the Organization of Petroleum Exporting Countries (OPEC) who limit the member countries oil production based on their reserves. So the more reserves a member country has in stock, the more oil OPEC will allow them to produce.

Most of Saudi Arabia's oil comes from only six major oil fields. The largest of these fields is the onshore site Ghawar Field, which is also the largest in the world. It makes up approximately 70 billion of Saudi's reserves. It is capable of producing more than 5 million barrels of oil a day and accounts for half of Said Arabia's daily oil production. Of the other fields, there is the Abqaiq Field which puts out about 400,000 barrels a day, Najid which can produce 200,000 barrels a day, Safaniya which is an offshore site capable of producing a million barrels a day, Zuluf (another offshore site) which puts out 500,000 barrels, and Marjan that puts out 270,000 barrels.

At the current level, Saudi Arabia produced more than 11 million barrels of crude oil a day and with the permission of OPEC, has plans to increase production up to over 12 million a day. Governments that do not belong to the OPEC nations are not given access to any data concerning Saudi Arabia's oil wells and reserves. Outside nations have no way of knowing the stability of Saudi's wells and cannot verify how much oil is actually in reserve.

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