Saudi Arabia is the world’s largest producer and exporter of oil, and has one quarter of the world’s known oil reserves – more than 260 billion barrels. Most are located in the Eastern Province, including the largest onshore field in Ghawar and the largest offshore field at Safaniya in the Arabian Gulf.

Saudi refineries produce around 8 million barrels of oil per day, and there are plans to increase production to around 12 million barrels per day.

As the world’s largest producer and exporter of oil, Saudi Arabia plays a unique role in the global energy industry. Its policies on the production and export of oil, natural gas and petroleum products have a major impact on the energy market, as well as the global economy. Mindful of this responsibility, Saudi Arabia is committed to ensuring stability of supplies and prices.

The Kingdom has repeatedly acted in times of crisis – such as the Gulf Crisis of 1990-91, the 2003 Iraq war and market fluctuations of the late 1990s – and covered any drop in oil supplies by increasing its output. In this way, Saudi Arabia has prevented major shocks to the global economy from a loss of supply or sharp price increases.