Saudi Arabia Oil Reserves, Production and Consumption Statistics (2024)

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Oil Reserves in Saudi Arabia

Overview. 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 Arabia possesses around 17 per cent of the world's proven petroleum reserves.

Oil Reserves in Saudi Arabia

This means that, without Net Exports, there would be about 221 years of oil left (at current consumption levels and excluding unproven reserves).

As the land in the modern Middle East region rose due to tectonic activity, the Tethys Ocean receded. What remained in its place was the sandy, dry Middle Eastern desert. But deep under the sand, the oily remains of billions of microscopic lifeforms still lie buried.

Average annual production in Saudi Arabia peaked in 2022 at 10.6 million b/d, which was 1.3 million b/d less than in the United States that year.

Saudi Arabia is the world's largest oil producer and accounts for roughly 15% of global output.

How many years of oil is left? ›

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).

possible and undiscovered), the United States is at the top of the list with 264 billion barrels of recoverable oil reserves, followed by Russia with 256 billion, Saudi Arabia with 212 billion, Canada with 167 billion, Iran with 143 billion, and Brazil with 120 billion (Table 1).

U.S. oil imports from the two leading Middle Eastern sources — Saudi Arabia and Iraq — are on track to barely account for 10% of the total this year. That's the second lowest percentage on record, according to the latest U.S. Census Bureau data, which is through October.

The United States imported roughly 456,000 barrels of crude oil per day from Saudi Arabia in 2022. Figures have notably decreased since 2000, while crude oil imports of Canada have increased in the same time period.

Budding U.S.-Saudi Relations

In 1938, Saudi Arabia is found to have vast quantities of oil. In 1943, with concerns growing about the diminishing U.S. oil production capacity, President Franklin Roosevelt declares Saudi oil vital to U.S. security and provides financial support.

Thanks to the shale oil boom, the US is now sitting on more oil reserves than Russia, which estimates as having 256 billion barrels of untapped oil. The next-richest countries in terms of oil after that are: Saud Arabia (212 billion), Canada (167 billion), Iran (143 billion) and Brazil (120 billion).

Top 10 biggest oil producers

The United States has become the leading global oil producer in the modern oil environment, holding the top spot followed by Saudi Arabia and Russia. Iran, Kuwait, and Iraq all rank highly in the top 10 oil-producing countries.

The Kingdom of Saudi Arabia is often cited as the world's largest oil producer. The country produces 13.24% of the oil consumed in the entire world daily. Saudi Arabia has the second-largest reserves of naturally occurring oil in the world after Venezuela.

The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row.