SAUDI ARABIA: THE LARGEST
Saudi Arabia is the world's largest holder of crude oil proved reserves and was the largest exporter of total petroleum liquids in 2013. In 2013, Saudi Arabia was the world's second-largest petroleum liquids producer behind the United States and was the world's second-largest crude oil producer behind Russia. Saudi Arabia's economy remains heavily dependent on petroleum. Petroleum exports accounted for 85% of total Saudi export revenues in 2013, according to the Organization of the Petroleum Exporting Countries (OPEC)'s Annual Statistical Bulletin 2014.
With the largest oil projects nearing completion, Saudi Arabia is expanding its natural gas, refining, petrochemicals, and electric power industries. Saudi Arabia's oil and natural gas operations are dominated by Saudi Aramco, the national oil and gas company and the world's largest oil company in terms of production. Saudi Arabia's Ministry of Petroleum and Mineral Resources and the Supreme Council for Petroleum and Minerals have oversight of the oil and natural gas sector and Saudi Aramco.
Country Analysis Brief Overview
- Saudi Arabia has 16% of the world's proved oil reserves, is the largest exporter of total petroleum liquids in the world, and maintains the world's largest crude oil production capacity.
- More than half of Saudi Arabia's oil reserves are contained in eight fields. The giant Ghawar field, the world's largest oil field with estimated remaining reserves of 75 billion barrels, has more proved oil reserves than all but seven other countries.
- Saudi Arabia is the second-largest petroleum exporter to the United States, after Canada.
- Saudi Arabia has the world's fifth-largest natural gas reserves, but natural gas production remains limited.
- Saudi Arabia plans to increase electricity generating capacity to 120 gigawatts (GW) by 2032 to meet the country's rapidly growing demand for electricity.
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