Saudi Arabia - Oil Gas & Petrochemicals (2024)


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. Saudi Aramco, one of the world’s largest integrated energy and chemicals companies, operates along two major segments: Upstream and Downstream. In 2020, Aramco’s average hydrocarbon production was 12.4 mmbpd, including 9.2 mmbpd of crude oil. In comparison, Aramco’s average hydrocarbon production in the first half of 2021 was 11.6 mmbpd, of which 8.6mmbpd is attributed to crude oil production. As OPEC+ has slowly raised quotas, Saudi Arabia’s output has followed suit; as of June 2022, Saudi Arabia was producing 10.3mmbpd of crude oil. Following the economic downturn and volatile oil prices seen in 2020, oil prices rebounded in 2021 and have continued to increase in 2022. Saudi Arabia is reinvesting this windfall into its Vision 2030 economic diversification program. In line with Saudi Arabia’s announcement at its Saudi Green Initiative forum last fall to achieve net-zero emissions by 2060, Aramco has committed to an ambitious target of net-zero emissions by 2050.

Saudi Arabia Key Highlights

Despite the unprecedented challenges, Saudi Aramco has remained resilient throughout the pandemic. In Q1 2022, Aramco achieved a record quarterly net income of $39.5 billion, an 82 percent increase from the $21.7 billion in Q1 2021, primarily driven by higher crude oil prices and volumes sold, as well as overall improved downstream margins. Aramco continued to deliver a stable dividend in Q1, with $18.8 billion to be paid to shareholders in the second quarter.Aramco also continued progress on its portfolio optimization program and closed a major lease and leaseback deal involving its gas pipeline network with a consortium of investors led by BlackRock Real Assets and Hassana Investment Company. This consortium acquired a 49 percent stake in a newly formed Aramco subsidiary known as Aramco Gas Pipelines Company, with Aramco receiving upfront proceeds of $15.5 billion.

Leading Sub-Sectors


Saudi Aramco continues its major expansionary phase and channeling investments in its Upstream segment that include exploration, developing and producing crude oil, condensate, natural gas and NGL. Aramco’s view is that to maintain its position as the world’s largest crude oil exporter, the bulk of its spending will be in upstream activities. Aramco’s principal and flagship oilfields remain the world’s largest conventional onshore oil field (Ghawar) and the largest conventional offshore field (Safaniah). The crude oil, condensate, and natural gas produced here is processed at its refining facilities for use or sent to its export terminals. Aramco owns and operates the Abqaiq facility, which is its largest oil processing facility and the largest crude oil stabilization plant in the world. In 2020, Aramco maintained its position as one of the world’s leading producers of crude oil and condensate with an average total daily hydrocarbon production of 12.4 mmbpd, including 9.2 mmbpd crude oil.

The recently awarded Jafurah contracts include subsurface and Engineering, Procurement and Construction (EPC) contracts worth $10 billion, with capital expenditure at Jafurah expected to reach $68 billion over the first 10 years of development. Recognized as Saudi Arabia’s largest unconventional and non-associated gas field, Jafurah contains an estimated 200 trillion cubic feet of raw gas and whose production can be used as feedstock for petrochemical and metallic industries.

Key Joint Ventures (JVs):

Onshore Drilling:

  • Saudi Aramco Nabors Drilling (SANAD) is a 50-50 JV established in 2017 between U.S.-based Nabors Drilling and Aramco to position Saudi Arabia as a leading provider of drilling rigs.
  • Arabian Rig Manufacturing (ARM) is a 70/30 JV between U.S.-based NOV and Aramco established in 2018 also with the aim of positioning Saudi Arabia a leading provider of drilling rigs.

Offshore Drilling:

  • Aramco Rowan Offshore Drilling Company (ARO) is a 50-50 JV between Aramco and Valaris to ensure Saudi Aramco drilling data redundancy and backup replication.
  • International Maritime Industries (IMI) is a JV established in 2017 between Lamprell, Aramco, national shipping carrier Bahri, and Hyundai Heavy Industries to establish and operate a maritime yard in Saudi Arabia.

Notably, in the first quarter of 2022, Aramco’s upstream performance and average total hydrocarbon production was 13.0 million barrels of oil equivalent per day. Aramco maintained its exceptional track record as a global energy supplier, achieving 99.9 percent reliability in its deliveries. Aramco also made progress towards completing the Hawiyah and Haradh compression projects, scheduled to come on-line by the end of 2022, adding about 1.3 billion standard cubic feet per day (bscfd) of raw gas. In addition, progress continues to be made with the Hawiyah Gas Plant expansion, part of the Haradh Gas increment program, which is expected to be completed in 2023. Aramco’s mega Manifa field project named Upstream Project of the year continues to demonstrate Aramco’s leadership position in driving operational excellence at the same time relaying its commitment to environmental protection standards.


Aramco has an integrated global downstream business, primarily consisting of refining and petrochemical manufacturing, supply and trading, distribution and power generation. Other activities such as base oils, lubricant, and retail operations also fall under this category. Aramco’s flagship downstream project is Sadara, which was established in 2011 as a joint venture with Dow and known to be the world’s largest integrated chemicals project. Aramco’s downstream investments diversify its revenue by integrating its oil and gas operations to optimize value across the hydrocarbon chain, supporting crude oil and gas demand and facilitating the placement of its crude oil.

Aramco also has an integrated petrochemicals business within its downstream segment, intended to enable it to capture incremental margins in the hydrocarbon value chain. Aramco’s chemicals business spans from production of basic chemicals such as aromatics, olefins and polyolefins to more complex products such as polyols, isocyanates and synthetic rubber. Aramco continues to grow its chemicals business with new investments. In June 2020, Aramco completed the acquisition of a 70 percent stake in Saudi Basic Industries Corporation (SABIC) in a deal worth $69.1 billion. This is a major development that strengthens Aramco’s downstream growth and strategy. SABIC is a globally diversified chemicals company with manufacturing facilities in the U.S., Europe, Middle East and Asia Pacific. With the acquisition of SABIC, Aramco will now be among the preeminent producers of petrochemicals in the world. In 2021, Aramco focused on further integrating SABIC into its operations by delineating SABIC’s role to focus on petrochemicals and Aramco on fuel products. These changes position SABIC as the chemicals arm of Aramco, which is in line with its long-term strategy.

Aramco also continued to make progress in its downstream expansion during the first quarter in 2022, expanding its global presence in Asia and Europe with plans to acquire a 30 percent stake in a 210,000 barrels per day refinery in Gdansk, Poland, along with sole ownership of an associated wholesale business. Other agreements include a 50 percent stake in a Polish jet fuel marketing joint venture with BP in addition to participating in the development of a major integrated refinery and petrochemical complex in China.


Despite the world’s attention to climate change in 2020-2021, Aramco is still bullish on the traditional oil and gas segments and is expected to proceed with investing billions of dollars in the sector to continue to meet demand over the next decade for high-quality oil and gas industry related technologies, particularly in the non-metallics arena. For instance, as corrosion is a significant problem for industries around the world, Aramco views nonmetallic solutions – such as the development of advanced plastics – as a strategic way to not only provide a solution for corrosion, expand the life cycle of investments, reduce its carbon footprint but also as a way to increase demand for its products. To date, Aramco has identified four key areas that could benefit from non-metallic materials: automotive; recycling; building and construction; and packaging. Within the oil & gas sector, nonmetallic applications include onshore and offshore piping, tanks, vessels, cooling towers, valves, pumps, as well as secondary offshore structures. Aramco is also deploying the use of nonmetallic materials across many of its operations, including 2,400 km in onshore applications, and use in some 80 conventional gas wells.

At the same time, Saudi Arabia is taking note of the increased interest and opportunities in the renewables segment and is investing heavily in technologies to produce hydrogen in environmentally friendly manners, including blue hydrogen (where the carbon dioxide is captured and stored) and green hydrogen (via electrolysis powered by renewable energy, fully eliminating harmful greenhouse gas emissions). For example, the country has announced several initiatives focused on the environment, including the Saudi Green Initiative and the Middle East Green Initiative. At the Saudi Green Initiative forum in October 2021, Crown Prince Mohammed bin Salman Al Saud announced the goal for the country to become net carbon neutral by 2060. Saudi Arabia is targeting hydrogen production — both blue and green — of 2.9mn t/yr by 2030 and 4mn t/yr by 2035. The country’s first green hydrogen plant is a joint venture between Saudi ACWA Power, Neom, and U.S.-based Air Products to build a green hydrogen-based ammonia production facility located at Neom. The project will also feature technologies from additional suppliers, including U.S.-based Baker Hughes, which signed an agreement with Air Products to provide advanced hydrogen compression technologies for the Neom project.

With respect to Saudi Aramco, it too is investing in greener technologies. For instance, it completed its first shipment of blue hydrogen to Japan in 2020. Aramco also signed an initial agreement to build a new green hydrogen and ammonia plant with Hong Kong-based green hydrogen developer InterContinental Energy as it tries to bring private investment into the sector.

Additionally, Saudi Aramco continues to develop projects focused on its core competencies in the country and internationally. In September 2021, Aramco, Air Products, ACWA Power, and Air Products Qudra announced the signing and finalization of definitive agreements for the asset acquisition and project financing of the $12 billion air separation unit (ASU)/gasification/power joint venture (JV) in Jazan. The original joint venture for the Jazan refinery was formed in 2018. Aramco also completed acquisition of a 70% stake in the Saudi Basic Industries Corporation (SABIC) in June 2020. In November 2021, Aramco announced the development of the vast Jafurah unconventional gas field, the largest non-associated gas field in Saudi Arabia. On the international front, Aramco remains committed to its 50/50 JV with Malaysia’s Petronas (PrefChem) even after plans to bring the plant online in August 2021 fell through.

Localization Considerations

U.S. suppliers might also look for specific opportunities through Saudi Aramco’s localization program, known as In-Kingdom Total Value Add (IKTVA). The IKTVA Program is an integral part of Saudi Aramco’s procurement process designed to drive domestic value creation and maximize long-term economic growth and diversification to support a rapidly changing Saudi economy. It is designed to drive increased investment, economic diversification, job creation, and workforce development within Saudi Arabia. IKTVA is mandatory for Aramco Suppliers. Per Aramco, the IKTVA program has contributed more than $100 billion to the national economy and has attracted more than 540 investments to Saudi Arabia from 35 countries. Aramco suppliers must report qualitative and quantitative information across eight major categories:

  1. Revenue
  2. Goods, Services, and Depreciation/Amortization
  3. Saudi Payroll Related Costs
  4. Saudi Training and Development
  5. Saudi Supplier Development
  6. Research and Development
  7. Investments
  8. Others.

From this data, Aramco calculates an IKTVA ratio that approximates the percent of Aramco’s spend with you that remains in Saudi Arabia or develops Saudi Arabia’s supply chain and capabilities.

IKTVA is assessed against the following factors:

  1. Localized goods and services
  2. Salaries paid to Saudis
  3. Training and development of Saudis
  4. Supplier development spending
  5. Research & Development
  6. Export Revenue Factor (%)
  7. Company revenue: % iktva = [(A+B+C+D+R)/E]+X

For details, visit the Saudi Aramco website and search for IKTVA. U.S. companies may also contact Aramco Services Company in Houston, TX to explore opportunities and to register as a vendor to Aramco. Details are available on the Aramco Americas website.


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Saudi Arabia - Oil Gas & Petrochemicals (2024)


Does Saudi Arabia have oil and gas? ›

Saudi Arabia possesses around 17 per cent of the world's proven petroleum reserves. Apart from petroleum, the Kingdom's other natural resources include natural gas, iron ore, gold, and copper.

What is the condition of Saudi Arabia in petroleum? ›

Saudi Arabia has proven reserves equivalent to 221.2 times its annual consumption. This means that, without Net Exports, there would be about 221 years of oil left (at current consumption levels and excluding unproven reserves).

Is Saudi Arabia famous for petroleum? ›

Oil. 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.

Why is Saudi Arabia rich in petroleum? ›

Why is there so much oil in Saudi Arabia? because millions of years ago, a lot of marine life died, was deposited on the ocean floor, and over time was compressed into oil and preserved very well in that area. Beyond that, the oil is very high quality, so they export as much as they can.

Who is the largest oil producer in the world? ›

United States

Is Saudi Arabia rich because of oil? ›

The kingdom has the second largest proven petroleum reserves, and sixth largest measured natural gas reserves. Saudi Arabia is currently the largest exporter of petroleum in the world.

What is the biggest problem in Saudi Arabia? ›

The challenges facing Riyadh, include the dwindling of Saudi Arabia's income resulting from the drop in oil prices, Islamic terrorism in its own territory, the military intervention in Yemen, and hostile relations with Iran.

Why is gasoline so cheap in Saudi? ›

That's because Saudi Arabia has the second-largest oil reserves in the world — and the U.S. has made it clear it wants all the Persian Gulf's oil states to boost their output. The conventional wisdom is that more oil produced means cheaper gas at the pump.

Who controls Saudi Arabia's oil? ›

Saudi Aramco
Headquarters in Dhahran, Eastern Province, Saudi Arabia
Net incomeUS$109.385 billion (2021)
Total assetsUS$331.818 billion (2021)
Total equityUS$576.718 billion (2021)
OwnerGovernment of Saudi Arabia (98.5%)
16 more rows

What country is number 1 in oil production? ›

The United States. With a rough estimate of 11,567,000 barrels per day, the United States is the top oil-producing country in the world, as it has been for many years.

What are the 3 main industries of Saudi Arabia? ›

Saudi Arabia: Economy
Economic TriviaSaudi Arabia is the world's largest petroleum exporter.
Top IndustriesCrude Oil Production; Petroleum Refining; Basic Petrochemicals; Ammonia
1 more row

Which country has the best petroleum? ›

The US is the top producer of oil, but the country requires foreign imports to meet its increasing domestic demand. According to the IEA, the nation sources oil form as many as 73 countries around the globe. The top five are Canada, Mexico, Russia, Saudi Arabia and Colombia.

Which country buy petrol from Saudi Arabia? ›

The main destination of Crude Petroleum exports from Saudi Arabia are: China ($24.7B), Japan ($15.1B), South Korea ($12.8B), India ($11.1B), and United States ($6.59B). The fastest growing export markets for Crude Petroleum of Saudi Arabia between 2019 and 2020 were Egypt ($734M), Brunei ($103M), and Austria ($77.2M).

How much of US oil comes from Saudi Arabia? ›

11% from OPEC nations. 7% comes from Saudi Arabia.

How much oil is left in Saudi? ›

The proven oil reserves in Saudi Arabia are reportedly the second largest in the world, estimated in 2017 to be 268 billion barrels (43×109 m3) (Gbbl hereafter), including 2.5 Gbbl in the Saudi–Kuwaiti neutral zone.

Who holds 80% of the world's oil? ›

According to current estimates, 80.4% (1,241.82 billion barrels) of the world's proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 67.1% of the OPEC total.

Which 2 countries use the most oil? ›

Oil Consumption by Country
#CountryYearly Gallons Per Capita
1United States934.3
94 more rows

Who owned 90% of the oil industry? ›

In the end, Rockefeller made a deal with the other company, which gave Standard Oil ownership of nearly all the oil pipelines in the nation. By 1880, Standard Oil owned or controlled 90 percent of the U.S. oil refining business, making it the first great industrial monopoly in the world.

Who buys the most Saudi oil? ›

Energy is core

China's crude imports from Saudi Arabia stood at $43.9 billion in 2021, accounting for 77% of its total goods imports from the kingdom. That amount also makes up more than a quarter of Saudi Arabia's total crude exports.

Was Saudi Arabia rich before oil? ›

Before oil was discovered and successfully exploited, Saudi Arabia was a poor land. Although Abd al-Aziz's power increased after the unification of the kingdom, he had to struggle to make ends meet.

Why does Saudi Arabia have so much power? ›

Saudi Arabia is the world's leading oil producer and exporter. Saudi Arabia's economy is petroleum-based; oil accounts for 90% of the country's exports and nearly 75% of government revenue.

Can you drink alcohol in Saudi Arabia? ›

The Kingdom of Saudi Arabia has always followed the Islamic laws very strictly and enforced it on their people. It is a very conservative Islamic country and is home to what is considered the holiest city in Islam – Mecca. Alcohol consumption, importation, brewing and selling is completely banned in Saudi Arabia.

What will happen in Saudi 2030? ›

Vision 2030 is built around three primary themes: a vibrant society, a thriving economy and an ambitious nation. The historic vision was developed by the Council of Economic and Development Affairs, which is chaired by Deputy Crown Prince Mohammed bin Salman.

What is the weakness of Saudi Arabia? ›

Structural weaknesses

Saudi Arabia's economic structure is unbalanced. The country possesses the world's second-largest proven oil reserves (>15% of global resources) and, at current rates of extraction, its oil will last for over 60 years. In addition, gas reserves will last for a further 70 years or so.

Where is the cheapest fuel in the world? ›

Cheapest Gas Price by Country in 2022
  • Venezuela. Venezuela, while overall a rather impoverished nation, is rich in oil reserves and fossil fuels, and uses that particular wealth to provide their people with virtually free gasoline. ...
  • Libya. ...
  • Iran. ...
  • Angola. ...
  • Algeria. ...
  • Kuwait. ...
  • Turkmenistan. ...
  • Egypt.
29 Nov 2022

What country is gas most expensive? ›

Residents of Hong Kong pay the highest international gas prices, with one gallon setting them back $10.97. Norway has the second-highest gas prices at $9.64 per gallon, followed by Denmark where gas costs an average $9.32 per gallon.
The Ripple Effect.
CountryPrice per gallon in U.S. dollars
9 more rows
19 May 2022

Which country has highest fuel prices? ›

1. Hong Kong (Rs 242.5 / litre) Hong Kong is a special administrative region of China and has the highest petrol price in the world at Rs 242.5 per litre - Which is a lot more than double of what we pay in India for a litre of petrol.

Does China buy oil from Saudi Arabia? ›

Saudi Arabia delivered 1.76 million b/d of crude to China in January-August this year, lifting its market share in the world's biggest crude importer to 17.7% from 16.9% a year earlier, despite the volume edging down 0.3% year on year, according to Chinese customs data.

Who controls Ukraine oil? ›

Official logo
Naftogaz Headquarters, Kyiv
OwnerGovernment of Ukraine
Number of employees68,386 (2018)
ParentMinistry of Energy and Coal Mining
16 more rows

How rich are the Saudi oil families? ›

Some estimates of the royal family's wealth measure their net worth at $1.4 trillion. This figure includes the market capitalization of Saudi Aramco, the state oil and gas company, and its vast assets in fossil fuel reserves.
House of Saud.
House of Saud آل سعود
Current headSalman bin Abdulaziz
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Where is the best quality oil in the world? ›

Tapis. Tapis, a type of crude found only in Malaysia, is considered the best quality oil in the world. Light and sweet, it's benchmark traded in Singapore and coveted for its remarkably low sulphur content (0.04 percent) and low density of between 43 and 45° API.

Why is us not making oil? ›

The reason that U.S. oil companies haven't increased production is simple: They decided to use their billions in profits to pay dividends to their CEOs and wealthy shareholders and simply haven't chosen to invest in new oil production.

Does US produce more oil than Saudi Arabia? ›

Note that these production numbers are for crude oil and lease condensate. The U.S. also leads all countries in the production of natural gas liquids (NGLs), which partially end up in the oil products supply chain. If NGLs are included, the U.S. has an even larger lead over Russia and Saudi Arabia. 1.

What is Saudi biggest industry? ›

Petroleum. The economy of Saudi Arabia is dominated by petroleum and its associated industries. In terms of oil reserves, Saudi Arabia ranks first internationally, with about one-fifth of the world's known reserves.

What is Saudi Arabia's biggest industry? ›

While Saudi Arabia's economic base continues to be dominated by oil, the Kingdom has taken steps to diversify the economy. Today, industrial products make up more than 90 percent of the Kingdom's non-oil exports.

What is Saudi Arabia's most important product? ›

Crude Oil. The country is heavily reliant on crude petroleum exports to sustain the country's GDP. Saudi Arabia has 18% of the world's known oil reserves and is the world's largest exporter of the commodity.

Who is the richest petroleum industry? ›

Big Oil: The Largest Oil and Gas Companies by Market Cap
1Saudi AramcoSaudi Arabia
6 more rows
25 Oct 2021

Which country has the cleanest oil? ›

There are only two large-scale, free-market oil suppliers in the world that are on the clean end of Transparency International's corruption spectrum: Canada and the United States (Norway's industry is state-owned).

What is the highest quality oil? ›

A lighter density oil with low sulfur content (like West Texas Intermediate (WTI) from Texas) is the highest quality, which means it sells for more money. Prices can vary significantly based on quality differences.

Does Russia have more oil than Saudi Arabia? ›

Saudi Arabia and Russia also top the list of oil exporting countries.
List of countries by oil production.
CountryOil production 2021 (bbl/day)Oil production per capita 2021 (bbl/day/million people)
Saudi Arabia (OPEC)9,313,145265,991
Iraq (OPEC)4,084,82299,172
94 more rows

Why are the Saudis buying Russian oil? ›

Saudi Arabia has for several years imported Russian fuel oil, which typically peaks as demand for cooling rises with summer temperatures. Some Saudi Arabian cities are far from natural gas fields that could provide cleaner fuel for power generation.

Who is the biggest buyer of Russian oil? ›

India and China have become the largest buyers of Russian oil as Western nations restrict purchases and impose sanctions. A plan by the major G7 economies - backed by the EU and Australia - to cap the price at which Russian oil is bought has created uncertainty in global markets.

Does US depend on Saudi Arabia? ›

Saudi Arabia is also the largest source of U.S. petroleum imports from Persian Gulf countries. About 8% of U.S. total petroleum imports and 9% of U.S. crude oil imports were from Persian Gulf countries in 2021.

Who controls the price of oil today? ›

The price of oil is set in the global marketplace. Oil is traded globally and can move from one market to another easily by ship, pipeline, or barge. As a result, the supply/demand balance determines the price for crude oil around the world.

What happens when oil runs out? ›

So, if your car runs out of oil, the engine won't function properly. In this instance, you need to replace your oil — or risk severe engine damage. The oil change light in your car warns you if your vehicle's oil level is running low. However, if you wait too long to change your car's oil, your engine will fail.

How long will US oil last? ›

The United States has proven reserves equivalent to 4.9 times its annual consumption. This means that, without imports, there would be about 5 years of oil left (at current consumption levels and excluding unproven reserves).

How long is oil left in Dubai? ›

Oil Reserves in the United Arab Emirates

The United Arab Emirates has proven reserves equivalent to 299.0 times its annual consumption. This means that, without Net Exports, there would be about 299 years of oil left (at current consumption levels and excluding unproven reserves).

Does the US get its oil from Saudi Arabia? ›

Saudi Arabia, the largest OPEC petroleum exporter to the United States, was the source of 5% of U.S. total petroleum imports and 6% of U.S. crude oil imports. Saudi Arabia is also the largest source of U.S. petroleum imports from Persian Gulf countries.

How much oil is left in Saudi Arabia? ›

The proven oil reserves in Saudi Arabia are reportedly the second largest in the world, estimated in 2017 to be 268 billion barrels (43×109 m3) (Gbbl hereafter), including 2.5 Gbbl in the Saudi–Kuwaiti neutral zone.

Who has the largest oil reserves in the world? ›


Why doesn't the U.S. produce its own oil? ›

The reason that U.S. oil companies haven't increased production is simple: They decided to use their billions in profits to pay dividends to their CEOs and wealthy shareholders and simply haven't chosen to invest in new oil production.

Who has more oil U.S. or Saudi Arabia? ›

No other nation in the world produces more oil than the US — so why do we count on countries like Saudi Arabia to supply us with crude? While the U.S. is the world's top producer of oil, it's also the world's top gas guzzler.

Why doesn't the U.S. just use U.S. oil? ›

And yet that same report reveals that the U.S. imported 7.86 million barrels of oil per day last year. That happens because of a combination of economics and chemistry. The economics are simple: overseas oil, even after shipping costs, is often cheaper than domestically-produced crude.

How many years of oil is left in the earth? ›

World Oil Reserves

The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).

What happens when all the oil is gone? ›

As you drive, your engine oil could flow out onto the pavement rather than keep your engine lubricated. Both of these situations would likely result in costly repairs because, without oil, the various parts of your engine will destroy themselves and each other.

Who uses most oil in the world? ›

United States

What country buys the most oil? ›

List of countries by oil imports
Country/RegionCrude Oil - Imports (bbl/day - est.)Year of Information
European Union14,060,0002017
United States5,877,0002020
82 more rows

Who controls 80% of the world's oil? ›

According to current estimates, 80.4% (1,241.82 billion barrels) of the world's proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 67.1% of the OPEC total.

Why Venezuela is not exporting oil? ›

The 2020 sanctions imposed on this country by Western and Latin American countries have limited Venezuelan oil exports to global oil trade markets. The public receives food rations from the state, and the consumer market is still constrained due to the enforced sanctions.

Where is the largest oil field in the world? ›

The Ghawar oilfield, located about 100km southwest of Dhahran in the Al Hasa Province of Saudi Arabia, is the world's biggest conventional oil field both by oil reserves and production.

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