Saudi Arabia possesses approximately 17 percent of the world¡¯s proven petroleum reserves and ranks as one the largest net exporters of petroleum. Saudi Arabia has the second-largest proven oil reserves in the world.
How much oil does Saudi Aramco produce?
Saudi Aramco operates the world’s largest single hydrocarbon network, the Master Gas System. In 2013, its crude oil production total was 3.4 billion barrels (540 million cubic metres), and it manages over one hundred oil and gas fields in Saudi Arabia, including 288.4 trillion standard cubic feet (scf) of natural gas reserves.
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.
Which oil fields does Saudi Aramco operate?
Along the Eastern Province, Saudi Aramco most notably operates the Ghawar Field (the world’s largest onshore oil field) and the Safaniya Field (the world’s largest offshore oil field). On 11 December 2019, the company’s shares commenced trading on the Tadawul stock exchange.