Why is Saudi Arabia a major exporter of crude oil?
Despite rising domestic demand in the past few decades, Saudi Arabia exports the bulk of its crude production and thus has a dominant position in international trade. It is the only country that has an official policy of maintaining spare capacity that can be utilized within a relatively short time at a low cost.
What is the line in Saudi Arabia?
The Line (stylised THE LINE; Arabic: ?? ????) is a linear smart city under construction in Saudi Arabia in Neom, Tabuk Province, which is designed to have no cars, streets or carbon emissions.
What role does Saudi Arabia play in global oil markets?
The crucial position that Saudi Arabia has in global oil markets cannot be overstated. In 2019 its proven crude oil reserves stood at 297.6 billion barrels, representing 17 per cent of the world¡¯s total. In the same year Saudi Arabia produced 11.8 million barrels per day (mb/d) of crude, blended, and unblended condensates, and natural gas liquids.
Will Saudi Arabia increase oil output in 2024?
This strategic pivot became evident recently as Saudi Arabia prepared to increase oil output, aligning with broader OPEC+ decisions to gradually unwind some production cuts starting in December 2024.