Most of Saudi Arabia’s oil fields are in the eastern part of the country. The US company Standard Oil was the first to drill for petroleum in Saudi Arabia back in 1933. That’s the cheapest in the world, though fellow OPEC countries Iran and Iraq can produce for around $10 per barrel as well, which is well below rival nations: [10] In the summer of 2008, Saudi Arabia announced an increase in planned production of 500,000 barrels per day. The top export opportunities for Saudi Arabia according to the relatedness index, are Iron Reductions (0.11), Gold (0.093), Halogens (0.093), Asphalt (0.089), and Other Oily Seeds (0.088). ", "New study raises doubts about Saudi oil reserves", "WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices", Map of oil and gas infrastructure in Saudi Arabia, Council of Economic and Development Affairs, https://en.wikipedia.org/w/index.php?title=Oil_reserves_in_Saudi_Arabia&oldid=1000317792, Creative Commons Attribution-ShareAlike License, This page was last edited on 14 January 2021, at 16:42. Saudi Arabia said earlier this week it would increase its oil production to 12.3 million barrels a day starting in April. At an estimated 5.8 MBOD, it accounts for The "official" proven reserves number is 265 billion barrels. New, Insights into the world’s most important health markets, Figures and insights about the advertising and media world, Everything you need to know about the industry development, Find studies from all around the internet. Consequently, Rapier contends, periods of lower crude oil market prices may remove those reserves from the "proven" category—placing Venezuela's viable "proven reserves" well below Saudi Arabia's. This statistic is not included in your account. H.E. This gives us the flexibility, guided by our outlook and assessment of future refinery requirements in our markets, to optimize our crude oil production mix to always meet our customer’s needs. The government launched an extensive program to promote modern farming technology; to establish rural roads, irrigation networks and storage and export facilities; and to encourage agricultural research and training institutions. Leading the way was Saudi Arabia. Saudi Arabia is producing a lot of oil because it has large oil reserves. This is a change of 0.00% from last month and -7.53% from one year ago. The IEA estimates total production costs in Saudi Arabia, Kuwait, and the UAE to vary between $3 and $5 per barrel of oil produced. Since 1977, the share of U.S. total petroleum and crude oil imports from OPEC has generally declined. [14], In a 2004 study, Matthew Simmons analyzed 200 technical papers on Saudi reserves by the Society of Petroleum Engineers and concluded that Saudi Arabia's oil production faced near term decline, and that it would not be able to consistently produce more than 2004 levels, when production of crude oil and lease condensate averaged 9.10 million barrels per day. [4], Saudi Arabia produced 10.3 million barrels per day (1.6×10^6 m3/d) (Mbbl/d) in 1980, 10.6 Mbbl/d in 2006,[5] and in the region of 9.2 Mbbl/d in 2008. Profit from additional features by authenticating your Admin account. In May of 2019, the country became a net oil and gas exporter, the first time since 1953. The independent outside auditor reported that it had determined Saudi Arabia's proved oil reserves were at least 270 billion barrels, fairly consistent with Saudi claims. Located in the Middle East, Saudi Arabia is synonymous with oil production. Learn more about how Statista can support your business. Relatedness measures the distance between a country's current exports and each product. You only have access to basic statistics. In preparation for a potential IPO, Saudi’s national oil company, Saudi Aramco, commissioned an outside audit of its proved reserves. In a press conference in Riyadh Saudi Arabia on January 9, 2019, Saudi Arabia Energy Minister, Khalid Al-Falih, officially announced that DeGolyer and MacNaughton had completed the first ever independent evaluation of proved reserves for the Kingdom. [8] Using the stated number of 267 Gbbl, past production amounts to 40% of the stated remaining proved reserves. Then you can access your favorite statistics via the star in the header. Please create an employee account to be able to mark statistics as favorites. For example, oil enterprises and petroleum companies currently release about Overview and forecasts on trending topics, Key figures and rankings about brands and companies, Consumer insights and preferences in various industries, Detailed information about political and social topics, All key figures about regions and countries, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Insights into the world's most important technology markets, Health Market Outlook 1. and over 1 Mio. U.S. Imports from Saudi Arabia of Crude Oil and Petroleum Products (Thousand Barrels per Day) Register in seconds and access exclusive features. Near midday Eastern time, Brent futures were down 0.2% to $29.99. Global oil production in million metric tons 1998-2019, Global oil production share by region 2010-2019. The number is 263.2 billion barrels of oil. [6] Saudi Arabia maintains the world's largest crude oil production capacity, estimated to be approx. Saudi Arabia Crude Oil Production is at a current level of 9.064M, unchanged from 9.064M last month and down from 9.802M one year ago. “The point is that they had DeGolyer and MacNaughton, which is a very respected source, do an audit…I think it's designed to put to rest the controversy that's always plagued them since the publication of ‘Twilight in the Desert’.”, While Venezuela has reported "proven reserves" topping those reported by Saudi Arabia, industry analyst Robert Rapier has suggested that these numbers reflect variables driven by changes in crude oil market prices—indicating that the percentage of Venezuela's oil that qualifies as Venezuela's "proven" reserves may be driven up or down by the global market price for crude oil. Saudi Arabia produces almost 12 million barrels of oil per day and nearly 12% of world output. You can only download this statistic as a Premium user. Saudi Arabia used an average of 0.7 million bbl/d of crude oil for power generation during the summers from 2009 to 2013. 11 Mbbl/d at mid-year 2008 and announced plans to increase this capacity to 12.5 Mbbl/d by 2009[7] Cumulative production through the end of 2009 was 119.4 billion bbl. Please do not hesitate to contact me. BP. Chart. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Profit from additional features with an Employee Account. June 17, 2020. Available to download in PNG, PDF, XLS format, Access to this and all other statistics on 80,000 topics from, Show sources information In other words, "resources" (the oil in the ground) were moved into the "proved reserves" (oil that is economical to produce) category. The result has been a phenomenal growth in the production of all basic foods. 2. Riyadh’s threat to discount its crude and raise production prompted the price of Brent crude, the international oil marker, to fall to as low as $31.02 a barrel. However, a recent (2019) independent evaluation—to facilitate Saudia Arabia's effort at an initial public offering (IPO) of stock in the national Saudi Aramco oil company—may have changed that somewhat. The statistic shows Saudi Arabia's oil production from 1998 to 2019. But Ali Al-Naimi, who was oil minister for nearly 25 years until 2016, offered a … With 12 million barrels of oil produced per day that account for nearly 12 percent of the world’s total output, Saudi Arabia is the region’s biggest oil producer (Carpenter, 2020). Historically, at least since 1982, Saudi Arabia has maintained reserves data and related technical information as a well-guarded secret. The Ghawar Oil Fieldis the largest in the world with an estimated 60-70 billion barrels of remaining reserves. This has made independent verification of the Kingdom's reserves and resources virtually impossible, leaving various commentators and the world at-large to rely upon speculation and indirect indicators. How then could their reserves be essentially unchanged? Directly accessible data for 170 industries from 50 countries Saudi Arabia . Saudi Arabia produces over 1.6 million m 3 (10 million bbl) per day of … Saudi Arabia holds more than 265 billion barrels of proven oil reserves, 16 percent of global total reserves. [2] The Saudi reserves are about one-fifth of the world's total conventional oil reserves. Saudi Aramco has some of the biggest oil producing fields in the world. Saudi Aramco produces 12.5 billion barrels of oil per day. This statistic was assembled using several editions of the report. Saudi Arabia responded by offering discounts on its oil and announcing that it would increase production, leading both WTI and Brent to their worst days since 1991 on … Corporate solution including all features. We produce five different grades of crude oil. The external audit found Saudi’s proved oil reserves to be at least 270 billion barrels. As soon as this statistic is updated, you will immediately be notified via e-mail. Excludes liquid fuels from other sources such as biomass and coal derivatives. Saudi Arabia's full oil production capacity will be recovered by the end of November, Saudi Aramco CEO Amin Nasser said at the Oil and Money Conference in London on Wednesday. Oil production in Saudi Arabia from 1998 to 2019 (in 1,000 barrels per day) [Graph]. Taken from the data workbook of the world ’ s most profitable with. Technical data ( partially from exclusive partnerships ). $ 29.99, it... 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