Saudi Arabia exported an estimated 6.6 million b/d of crude oil in 2020, down nearly 300,000 b/d from 2019, according to Global Trade Tracker (GTT). A 570,000 b/d decline in petroleum production combined with a decline in global demand caused exports to drop in 2020.21
How does Saudi Arabia affect global oil markets?
Saudi Arabia produced, on average, 10.8 million b/d of total petroleum liquids in 2020, of which 9.2 million b/d was crude oil and about 1.6 million b/d was non-crude liquids. Saudi Arabia, which holds the world¡¯s largest spare crude oil capacity, affects global oil markets by quickly increasing or decreasing its oil production.
How much oil does Saudi Arabia produce a day?
Saudi Arabia initially reduced its production by 3.1 million barrels per day (b/d) as part of the OPEC+ agreement that began in April 2020.5 Saudi Arabia has increased production each month since February 2021, and, by October 2021, their production returned to an estimated 9.8 million b/d, similar to the level at the beginning of 2020.
What is the economy of Saudi Arabia?
The economy of Saudi Arabia is the second-largest in the Middle East and the nineteenth-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.