Saudi Arabia fueled nearly all of its electricity generation with natural gas (61%) and crude oil (39%) in 2020, although the Saudi government plans to diversify fuels consumed for electricity output to increase available crude oil for export and to reduce its carbon emissions (Figure 8).
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.
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 did Saudi Arabia export in 2020?
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