The economy of Saudi Arabia is the largest in the Middle East and the eighteenth-largest in the world. The Saudi economy is highly reliant on its petroleum sector. Oil accounts on average in recent years for approximately 40% of Saudi GDP and 75% of fiscal revenue, with substantial fluctuations depending on oil prices each year.
Saudi Aramco, officially the Saudi Arabian Oil Group or simply Aramco, is a state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia. As of 2022, it is the second-largest company in the world by revenue and is headquartered in Dhahran. It has repeatedly achieved the largest annual profits in global corporate history. Saudi Aramco has both the world's second-largest proven crude oil reserves, at more than 270 billion barrels, and largest daily oil production of all oil-producing companies.
Ghawar is an oil field located in Al-Ahsa Governorate, Eastern Province, Saudi Arabia. Measuring 280 by 30 km, it is by far the largest conventional oil field in the world, and accounts for roughly a third of the cumulative oil production of Saudi Arabia as of 2018.
Dammam is the capital of the Eastern Province of Saudi Arabia and the kingdom's fourth-most populous city, with a total population of 1,532,300 as of 2022. The judicial and administrative bodies of the province, in addition to the administrative offices of other minor governmental departments functioning within the province, are located in the city. The word itself is generally used to refer to the city, but may also refer to its eponymous governorate.
Matthew Roy Simmons was founder and chairman emeritus of Simmons & Company International, and was a prominent figure in the field of peak oil. Simmons was motivated by the 1973 energy crisis to create an investment banking firm catering to oil companies. He served as an energy adviser to U.S. President George W. Bush and was a member of the National Petroleum Council and the Council on Foreign Relations.
Saudi Basic Industries Corporation, known as SABIC, is a Saudi chemical manufacturing company. 70% of SABIC's shares are owned by Saudi Aramco. It is active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals. It is the second largest public company in the Middle East and Saudi Arabia as listed in Tadawul.
Ali bin Ibrahim Al-Naimi is a Saudi Arabian politician who was the Saudi Arabian Minister of Petroleum and Mineral Resources from 1995 to 2016.
Ras al-Khafji or Khafji (الخفجي) is a town on the border between Saudi Arabia and Kuwait. It lies in what was before 1970 the Saudi Arabian–Kuwaiti neutral zone.
Haradh is a large town and industrial city in the Ahsa Governorate in the Eastern Province of Saudi Arabia, approximately 150 kilometres (93 mi) southwest of Hofuf. Due to its location above the Ghawar oil field, several oil and gas wells, along with oil refineries are located in the area, all operated by Saudi Aramco. The village is also the site of one of the largest integrated dairy farms in the world, owned and operated by the National Agricultural Development Company (NADEC).
Discovery! The Search for Arabian Oil is a non-fiction book written by Pulitzer Prize winning American author Wallace Stegner.
Peak oil is the point at which oil production, sometimes including unconventional oil sources, hits its maximum. Predicting the timing of peak oil involves estimation of future production from existing oil fields as well as future discoveries. The most influential production model is Hubbert peak theory, first proposed in the 1950s. The effect of peak oil on the world economy remains controversial.
The proven oil reserves in Saudi Arabia are reportedly the second largest in the world, estimated in 2017 to be 268 billion barrels, including 2.5 Gbbl in the Saudi–Kuwaiti neutral zone. This would correspond to more than 50 years of production at current rates. In the oil industry, an oil barrel is defined as 42 US gallons, which is about 159 litres, or 35 imperial gallons. The oil reserves are predominantly found in the Eastern Province. These reserves were apparently the largest in the world until Venezuela announced they had increased their proven reserves to 297 Gbbl in January 2011. The Saudi reserves are about one-fifth of the world's total conventional oil reserves. A large fraction of these reserves comes from a small number of very large oil fields, and past production amounts to 40% of the stated reserves. Other sources state that Saudi Arabia has about 297.7 billion barrels.
EnergyinSaudi Arabia involves petroleum and natural gas production, consumption, and exports, and electricity production. Saudi Arabia is the world's leading oil producer and exporter. Saudi Arabia's economy is petroleum-based; oil accounts for 90% of the country's exports and nearly 75% of government revenue. The oil industry produces about 45% of Saudi Arabia's gross domestic product, against 40% from the private sector. Saudi Arabia has per capita GDP of $20,700. The economy is still very dependent on oil despite diversification, in particular in the petrochemical sector.
Khalid A. Al-Falih is Minister of Investment of Saudi Arabia since 25 February 2020. He served as Minister of Energy of Saudi Arabia and chairman of Saudi Aramco. He also has previously served as the Saudi Arabian Health Minister and Aramco's CEO.
Safaniya Oil Field, operated and owned by Saudi Aramco, is the largest offshore oil field in the world. It is located about 265 kilometres (165 mi) north of the company headquarters in Dhahran on the coast of the Persian Gulf, Saudi Arabia. Measuring 50 by 15 kilometres, the field has a producing capability of more than 1.2 million barrels per day.
Ibrahim bin Abdulaziz bin Abdullah Al-Assaf is a Saudi politician who served as finance minister, foreign minister, and state minister of Saudi Arabia.
Saudi Arabian oil was first discovered by the Americans in commercial quantities at Dammam oil well No. 7 in 1938 in what is now modern day Dhahran.
Shaybah Oil Field is a super-giant disputed oil field under the control of Saudi Arabia and is located in the northern edge of the Rub' Al-Khali/Empty Quarter desert. It is located about 10 km south of the border to Abu Dhabi, United Arab Emirates, which is a straight line drawn in the desert. It is 40 km south of the eastern part of Liwa Oasis of Abu Dhabi.
Iraq was the world's 5th largest oil producer in 2009, and has the world's fifth largest proven petroleum reserves. Just a fraction of Iraq's known fields are in development, and Iraq may be one of the few places left where vast reserves, proven and unknown, have barely been exploited. Iraq's energy sector is heavily based upon oil, with approximately 94 percent of its energy needs met with petroleum. In addition, crude oil export revenues accounted for over two-thirds of GDP in 2009. Iraq's oil sector has suffered over the past several decades from sanctions and wars, and its oil infrastructure is in need of modernization and investment. As of June 30, 2010, the United States had allocated US$2.05 billion to the Iraqi oil and gas sector to begin this modernization, but ended its direct involvement as of the first quarter of 2008. According to reports by various U.S. government agencies, multilateral institutions and other international organizations, long-term Iraq reconstruction costs could reach $100 billion (US) or higher.
The Rub' al Khali Basin or ar-Rubʻ al-Khālī / ar-rubʿ al-ḵālī Basin, Arabic for "Empty Quarter Basin", is a major endorheic sedimentary basin of approximately 560,000 square kilometres (220,000 sq mi) in southern Saudi Arabia, northeastern Yemen, southeastern Oman and southeasternmost United Arab Emirates. The onshore foreland on Mesozoic rift basin is geographically defined by the eponymous Rub' al Khali and covers the regions of Najran and Riyadh and the Eastern Province. The basin is geologically bound by the Central Arabian Arch in the north, the Oman Thrust in the east, the Northern Hadramaut Arch in the south, and the Arabian Shield in the west. Politically, the southwestern boundary is formed by the border with Yemen and the border with Oman forms the southeastern boundary.
