Crude Oil Production in Saudi Arabia averaged 8162.43 BBL/D/1K from 1973 until 2020, reaching an all time high of 12007 BBL/D/1K in April of 2020 and a record low of 2340 BBL/D/1K in August of 1985. Saudi Arabia, is the world’s largest oil exporter, accounting for 10 percent of global oil supply. Saudi Arabia on Monday said it will reduce output by an additional 1 million barrels per day from June 1, in a bid to support oil prices. Saudi Arabia consumes 3,302,000 barrels per day (B/d) of oil as of the year 2016.; Saudi Arabia ranks 6th in the world for oil consumption, accounting for about 3.4% of the world's total consumption of 97,103,871 barrels per day. However, a recent (2019) independent evaluation -- to facilitate Saudia Arabia's effort at an Since his prediction, Saudi crude oil production has varied from as low as 8.25 million barrels per day (average for 2009) up to 9.83 million barrels per day (average for 2012). These reserves were apparently the largest in the world until Venezuela announced they had increased their proven reserves to 297 Gbbl in January 2011. Saudi Arabia is pledging to make even deeper cuts to its oil production as the kingdom scrambles to revive the crude market it helped crash. World oil reserves before the increase from Venezuela
The Trading Economics Application Programming Interface (API) provides direct access to our data. Saudi Arabia shut down half its oil production Saturday after a series of drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.
In a press conference in 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.According to Rapier, Venezuela's oil reserves are largely of "extra-heavy crude oil" which might "not be economical to produce" under certain market conditions. NSA The proven oil reserves in Saudi Arabia are the reportedly 2nd largest in the world, estimated to be 268 billion barrels, including 2.5 Gbbl in the Saudi–Kuwaiti neutral zone. Overall, in the nine years since his 2004 prediction (2005-2013), Saudi crude oil and lease condensate production has averaged 9.20 million barrels per day, just slightly higher than 2004 levels.These skeptical viewpoints have been countered by events culminating in early 2019. The Russia–Saudi Arabia oil price war of 2020 is an economic war triggered in March 2020 by Saudi Arabia in response to Russia's refusal to reduce oil production in order to keep prices for oil at moderate level. Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. They are predominantly found in the Eastern Province. Rapier notes that the near-quadrupling of Venezuela's claimed "proven" reserves, between 2005 and 2014 -- from 80 Gbbl to 300 Gbbl -- may have been due to soaring crude oil prices that made Venezuela's normally uneconomical heavier crude suddenly market-viable to produce, and thus elevating it to within Venezula's "proven" reserves. 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.By comparison, Rapier contends, the higher-quality crude generally associated with Saudi oil fields is cost-effective to produce under most market-price conditions, and thus is more consistently, and uniformly, part of Saudi Arabia's "proven" reserves, compared to the more variable usefulness of the Venezuelan oil.Saudi Arabia production, consumption, and exports over time
The Saudi reserves are about one-fifth of the world's total conventional oil reserves. Saudi Arabia has intensified the oil price war by ordering its state-owned producer, Saudi Aramco, to raise the maximum production rate to record highs of 13m barrels a day..
On 8 March 2020, Saudi Arabia initiated a price war with Russia, facilitating a 65% quarterly fall in the price of oil. Crude Oil Production in Saudi Arabia decreased to 7484 BBL/D/1K in June from 8486 BBL/D/1K in May of 2020. 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. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.
Saudi Arabia has traditionally been regarded as the world’s most important Saudi Arabia produced 10.3 million barrels per day (1.6Historically, at least since 1982, Saudi Arabia has maintained reserves data and related technical information as a well-guarded secret. ; Saudi Arabia consumes 4.27 gallons of oil per capita every day (based on the 2016 population of 32,443,447 people), or 1,560 gallons per capita per year (37 barrels). This economic conflict resulted in a sheer drop of oil price over the spring of 2020. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.