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Saudi Arabia is the largest oil
producer of the Organization of the Petroleum Exporting
Countries (OPEC). With approximately one-fifth of the world's
proven oil reserves and some of the lowest production costs,
Saudi Arabia is expected to remain the world's largest net oil
exporter in the near and long-term. |
Overview
Saudi Arabia is the world’s largest producer and
exporter of total petroleum liquids, and the world’s second
largest crude oil producer behind
Russia.
Saudi
Arabia’s economy remains heavily dependent on
oil and petroleum-related industries, including
petrochemicals and petroleum refining. Oil export revenues
have accounted for around 90 percent of total Saudi export
earnings and state revenues and above 40 percent of the
country's gross domestic product (GDP).
Saudi Arabia’s
hydrocarbon sector operations are dominated by the
state-owned oil company, Saudi Aramco. Saudi Aramco is the
world’s largest oil company in terms of proven reserves and
production of hydrocarbons. In addition,
Saudi
Arabia’s
Ministry of Petroleum and Mineral Resources and the
Supreme Council for Petroleum and Minerals have oversight of
the sector and Saudi Aramco directly. The Supreme Council,
which is comprised of members of the royal family, industry
leaders and government ministers, is responsible for
petroleum and natural gas policy-making, including contract
review, as well as Saudi Aramco’s strategic planning. The
Ministry is responsible for national planning in the area of
energy and minerals, including petrochemicals.
Energy Consumption
Saudi Arabia is the largest consumer of petroleum in
the Middle East, particularly in
the area of transportation fuels. Domestic consumption
growth has been spurred by the economic boom due to
historically high oil prices and large fuel subsidies. In
2006, Saudi
Arabia was the 15th largest consumer of total
primary energy, of which 60 percent was petroleum-based. The
remainder was made up of natural gas, the growth of which
has been limited by supply constraints.
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Full Saudi Arabia Report |
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