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Oil reserves in Saudi Arabia

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303: 267: 291: 279: 120: m/d) (Mbbl/d) in 1980, 10.6 Mbbl/d in 2006, and in the region of 9.2 Mbbl/d in 2008. Saudi Arabia maintains the world's largest crude oil production capacity, estimated to be approx. 11 Mbbl/d at mid-year 2008 and announced plans to increase this capacity to 12.5 Mbbl/d by 2009. Cumulative production through the end of 2009 was 119.4 billion bbl. Using the stated number of 267 Gbbl, past production amounts to 40% of the stated remaining proved reserves. By the end of 2016, Saudi Arabia cumulative oil production reached 143.97 bbl. 1098: 326: 31: 96: 340: 896: 251:
been due to soaring crude oil prices that made Venezuela's normally uneconomical heavier crude suddenly market-viable to produce, and thus elevating it to within Venezuela's "proven" reserves. Consequently, Rapier contends, periods of lower crude oil market prices may remove those reserves from the "proven" category—placing Venezuela's viable "proven reserves" well below Saudi Arabia's.
189:, had warned that reports at a regional oil conference that Saudi Aramco's reserves stood at 716 billion barrels was in error because it combined unproven potential resources with proven reserves. This misunderstanding was inflating the Saudi Aramco proven reserves estimate by approximately 40% (300 billion barrels). 222:
years. DeGolyer and MacNaughton personnel (more than 60 geophysicists, petrophysicists, geologists, simulation engineers, reserves engineering specialists, and economists) built the detailed independent evaluation using the extensive raw database from each of the wells and reservoirs in the evaluated
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By comparison, Rapier contends, the higher-quality crude generally associated with Saudi oil fields is cost-effective to produce under most market-price conditions, and thus is more consistently, and uniformly, part of Saudi Arabia's "proven" reserves, compared to the more variable usefulness of the
208:. The results of this effort indicate that the proved reserves in the Kingdom are likely proximal to, and even somewhat larger than, previous official estimates. H.E. Khalid Al-Falih outlined the extensive effort in his remarks, stating that the process began in August 2016 and continued for almost 127:
asked the Saudis to raise production on a visit to Saudi Arabia in January 2008 and they declined, Bush questioned whether they had the ability to raise production any more. In the summer of 2008, Saudi Arabia announced an increase in planned production of 500,000 barrels per day. However, in 2008,
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to 297 Gbbl in January 2011. The Saudi reserves are about one-fifth of the world's total conventional oil reserves. A large fraction of these reserves comes from a small number of very large oil fields, and past production amounts to 40% of the stated reserves. Other sources state that Saudi Arabia
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and concluded that Saudi Arabia's oil production faced near term decline, and that it would not be able to consistently produce more than 2004 levels, when production of crude oil and lease condensate averaged 9.10 million barrels per day. Simmons also argued that the Saudis may have irretrievably
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According to Rapier, Venezuela's oil reserves are largely of "extra-heavy crude oil" which might "not be economical to produce" under certain market conditions. Rapier notes that the near-quadrupling of Venezuela's claimed "proven" reserves, between 2005 and 2014—from 80 Gbbl to 300 Gbbl—may have
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Historically, at least since 1982, Saudi Arabia has maintained reserves data and related technical information as a well-guarded secret. This has made independent verification of the Kingdom's reserves and resources virtually impossible, leaving various commentators and the world at-large to rely
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Since his prediction, Saudi crude oil production has varied from as low as 8.25 million barrels per day (average for 2009) up to 9.83 million barrels per day (average for 2012). Overall, in the nine years since his 2004 prediction (2005-2013), Saudi crude oil and lease condensate production has
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While Venezuela has reported "proven reserves" topping those reported by Saudi Arabia, industry analyst Robert Rapier has suggested that these numbers reflect variables driven by changes in crude oil market prices—indicating that the percentage of Venezuela's oil that qualifies as Venezuela's
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that “Whether they have 260 or 266 billion barrels isn't really the issue,” she said. “The point is that they had DeGolyer and MacNaughton, which is a very respected source, do an audit…I think it's designed to put to rest the controversy that's always plagued them since the publication of
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damaged their large oil fields by over-pumping salt water into the fields in an effort to maintain the fields' pressure and boost short-term oil extraction. He concluded (in 2004): "In 2-3 years we will have conclusive evidence that Saudi oil is peaking,"
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reservoirs, applying their own techniques and methodologies to reach the resulting independent estimate of proved reserves. Reaction in the press to the independent evaluation was notable. For example, Ellen Wald, global energy policy analyst, told
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said that Saudi Arabia produced 12 million barrels per day in March that year, which was the highest figure based on records since the early 1980s. The previous peak was in August 2013 at 10.2 million barrels per day.
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oil company—may have changed that somewhat. The independent outside auditor reported that it had determined Saudi Arabia's proved oil reserves were at least 270 billion barrels, fairly consistent with Saudi claims.
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are reportedly the second largest in the world, estimated in 2017 to be 268 billion barrels (4.3Ă—10^10 m) (Gbbl hereafter), including 2.5 Gbbl in the
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upon speculation and indirect indicators. However, a recent (2019) independent evaluation—to facilitate Saudi Arabia's effort at an
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of oil. When acting as such, the Saudi government would increase or decrease oil production to maintain a more stable price.
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1 US liquid gallon = 231 cubic inches and 1 inch = 25.4 mm, 42 of which is exactly 158.987294928 litres.
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estimated that remaining undiscovered oil reserves in Saudi Arabia had a probability-weighted average of 90 Gbbl.
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These skeptical viewpoints have been countered by events culminating in early 2019. In a press conference in
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https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html
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averaged 9.20 million barrels per day, just slightly higher than 2004 levels.
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Saudi Arabia has traditionally been regarded as the world's most important
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or would do so in the near future. In April 2015, the Saudi oil minister
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Reported proven reserves for Saudi Arabia (blue) and Venezuela (red)
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Saudi Arabia on January 9, 2019, Saudi Arabia Energy Minister,
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some experts believed that Saudi oil production had already
1448: 752:. Institute for the Analysis of Global Security. 2004-03-31 591:"Daily and Cumulative Crude Oil Production in OPEC Members" 566:"Daily and Cumulative Crude Oil Production in OPEC Members" 284:
Saudi Arabia production, consumption, and exports over time
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had completed the first ever independent evaluation of
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analyzed 200 technical papers on Saudi reserves by the
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Saudi Arabia produced 10.3 million barrels per day (1.6
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World oil reserves before the increase from Venezuela
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The oil reserves are predominantly found in the 835:Map of oil and gas infrastructure in Saudi Arabia 1787: 432:Venezuela: Oil reserves surpasses Saudi Arabia's 1007: 855: 730:"How Much Oil Does Saudi Arabia Really Have?" 99:Saudi Arabia crude oil production (1950–2012) 687:: CS1 maint: multiple names: authors list ( 1417:Council of Economic and Development Affairs 869: 354:History of the oil industry in Saudi Arabia 1014: 1000: 862: 848: 782: 235: 1021: 886:List of countries by proven oil reserves 617: 495: 489: 386: 94: 29: 643: 14: 1788: 467: 416: 995: 843: 742: 646:"Saudi King: 'We will pump more oil'" 669:Report, Ken Farsalas, the Oberweis. 419:Oil and Finance: The Epic Corruption 399:from the original on 13 October 2007 380: 179:United States diplomatic cables leak 27:Oil reserves located in Saudi Arabia 24: 668: 25: 1817: 1204:Custodian of the Two Holy Mosques 828: 810:"Saudi oil reserves 'overstated'" 80:has about 297.7 billion barrels. 1096: 894: 598:OPEC Annual Statistical Bulletin 570:OPEC Annual Statistical Bulletin 338: 324: 301: 289: 277: 265: 1371:General Intelligence Presidency 802: 776: 763: 695: 671:"No Speculation On Oil Reality" 662: 637: 611: 583: 558: 533: 520:International Petroleum Monthly 498:"No Speculation On Oil Reality" 206:proved reserves for the Kingdom 150:(IPO) of stock in the national 140: 783:John Vidal (9 February 2011). 508: 473:"Who will rule the oil market" 461: 448: 437: 410: 371: 164:Society of Petroleum Engineers 123:After the then U.S. president 13: 1: 1361:Chairman of the General Staff 812:. Al Jazeera. 9 February 2011 618:Tverberg, Gail (2008-01-18). 541:"Saudi Arabia Oil Statistics" 393:Guide for the Use of SI units 364: 183:Dr. Sadad Ibrahim Al Husseini 90: 75:announced they had increased 771:Crude Oil + Lease Condensate 644:Penketh, Anne (2008-06-16). 516:"Petroleum (Oil) Production" 496:Farsalas, Ken (2008-07-29). 200:, officially announced that 7: 1603:Water supply and sanitation 1432:History of the oil industry 1299:Mutaween (religious police) 317: 312:according to U.S. EIA, 2017 272:Oil and gas field locations 10: 1822: 258: 239: 50:Saudi–Kuwaiti neutral zone 1796:Petroleum in Saudi Arabia 1747: 1705: 1611: 1512: 1503: 1397: 1388: 1321: 1242: 1224:National Security Council 1184: 1180: 1171: 1114: 1105: 1094: 1033: 903: 892: 878: 242:Oil reserves in Venezuela 1469:Tadawul (stock exchange) 1464:Supreme Economic Council 1412:Capital Market Authority 1366:General Staff Presidency 1219:Mabahith (secret police) 417:Learsy, Raymond (2011). 202:DeGolyer and MacNaughton 1806:Geology of Saudi Arabia 1801:Oil reserves by country 1351:Strategic Missile Force 622:. PRWeb. Archived from 545:Country Analysis Briefs 434:at english.ahram.org.eg 236:Comparison to Venezuela 148:initial public offering 739:retrieved May 27, 2020 454:US Geological Survey, 359:Energy in Saudi Arabia 230:Twilight in the Desert 181:in 2011 revealed that 100: 35: 1199:Consultative Assembly 98: 77:their proven reserves 33: 971:United Arab Emirates 85:US Geological Survey 1459:Saudi Central Bank 1267:Freedom of religion 1048:Early Islamic State 732:February 14, 2019, 626:on January 20, 2008 332:Saudi Arabia portal 60:litres, or 35  18:Oil in Saudi Arabia 1474:Telecommunications 1257:Capital punishment 1189:Allegiance Council 1068:Emirate of Diriyah 1053:Rashidun Caliphate 1043:Pre-Islamic Arabia 177:leaked during the 101: 36: 1783: 1782: 1743: 1742: 1571:Human trafficking 1499: 1498: 1384: 1383: 1317: 1316: 1209:Foreign relations 1167: 1166: 1063:Abbasid Caliphate 1058:Umayyad Caliphate 989: 988: 175:Diplomatic cables 158:In a 2004 study, 56:, which is about 16:(Redirected from 1813: 1763: 1756: 1596:response to ISIL 1510: 1509: 1454:Riyal (currency) 1395: 1394: 1182: 1181: 1178: 1177: 1124:Cities and towns 1112: 1111: 1100: 1078:Kingdom of Hejaz 1016: 1009: 1002: 993: 992: 898: 864: 857: 850: 841: 840: 822: 821: 819: 817: 806: 800: 799: 797: 795: 780: 774: 767: 761: 760: 758: 757: 746: 740: 728:Rapier, Robert, 726: 713: 712: 699: 693: 692: 686: 678: 666: 660: 659: 657: 656: 641: 635: 634: 632: 631: 615: 609: 608: 606: 605: 595: 587: 581: 580: 578: 577: 562: 556: 555: 553: 552: 537: 531: 530: 528: 527: 512: 506: 505: 493: 487: 486: 484: 483: 465: 459: 452: 446: 441: 435: 429: 423: 422: 414: 408: 407: 405: 404: 384: 378: 375: 348: 343: 342: 334: 329: 328: 327: 305: 293: 281: 269: 255:Venezuelan oil. 221: 220: 216: 213: 116: 115: 69:Eastern Province 59: 21: 1821: 1820: 1816: 1815: 1814: 1812: 1811: 1810: 1786: 1785: 1784: 1779: 1766: 1759: 1752: 1739: 1701: 1663:Public holidays 1607: 1495: 1439:Foreign workers 1380: 1313: 1238: 1229:Nuclear program 1163: 1101: 1092: 1073:Emirate of Nejd 1029: 1020: 990: 985: 899: 890: 874: 868: 831: 826: 825: 815: 813: 808: 807: 803: 793: 791: 781: 777: 768: 764: 755: 753: 748: 747: 743: 727: 716: 711:. 8 April 2015. 701: 700: 696: 680: 679: 667: 663: 654: 652: 650:The Independent 642: 638: 629: 627: 616: 612: 603: 601: 593: 589: 588: 584: 575: 573: 564: 563: 559: 550: 548: 539: 538: 534: 525: 523: 514: 513: 509: 494: 490: 481: 479: 466: 462: 453: 449: 442: 438: 430: 426: 415: 411: 402: 400: 385: 381: 376: 372: 367: 344: 337: 330: 325: 323: 320: 313: 308:A map of world 306: 297: 294: 285: 282: 273: 270: 261: 244: 238: 218: 214: 211: 209: 198:Khalid Al-Falih 160:Matthew Simmons 143: 113: 111: 93: 57: 28: 23: 22: 15: 12: 11: 5: 1819: 1809: 1808: 1803: 1798: 1781: 1780: 1778: 1777: 1772: 1765: 1764: 1757: 1749: 1748: 1745: 1744: 1741: 1740: 1738: 1737: 1732: 1727: 1722: 1717: 1711: 1709: 1703: 1702: 1700: 1699: 1694: 1689: 1688: 1687: 1677: 1676: 1675: 1665: 1660: 1655: 1654: 1653: 1643: 1638: 1633: 1628: 1623: 1617: 1615: 1609: 1608: 1606: 1605: 1600: 1599: 1598: 1588: 1583: 1578: 1573: 1568: 1563: 1562: 1561: 1556: 1546: 1544:Discrimination 1541: 1540: 1539: 1529: 1524: 1519: 1513: 1507: 1501: 1500: 1497: 1496: 1494: 1493: 1492: 1491: 1481: 1476: 1471: 1466: 1461: 1456: 1451: 1446: 1441: 1436: 1435: 1434: 1429: 1419: 1414: 1409: 1404: 1398: 1392: 1386: 1385: 1382: 1381: 1379: 1378: 1376:Military ranks 1373: 1368: 1363: 1358: 1356:National Guard 1353: 1348: 1343: 1338: 1333: 1327: 1325: 1319: 1318: 1315: 1314: 1312: 1311: 1306: 1301: 1296: 1291: 1290: 1289: 1284: 1279: 1269: 1264: 1259: 1254: 1248: 1246: 1240: 1239: 1237: 1236: 1234:Prime Minister 1231: 1226: 1221: 1216: 1211: 1206: 1201: 1196: 1191: 1185: 1175: 1169: 1168: 1165: 1164: 1162: 1161: 1156: 1151: 1146: 1141: 1136: 1131: 1126: 1121: 1115: 1109: 1103: 1102: 1095: 1093: 1091: 1090: 1088:Modern history 1085: 1080: 1075: 1070: 1065: 1060: 1055: 1050: 1045: 1039: 1037: 1031: 1030: 1019: 1018: 1011: 1004: 996: 987: 986: 984: 983: 978: 973: 968: 963: 958: 953: 948: 943: 938: 933: 928: 923: 918: 913: 907: 905: 901: 900: 893: 891: 889: 888: 882: 880: 876: 875: 867: 866: 859: 852: 844: 838: 837: 830: 829:External links 827: 824: 823: 801: 775: 762: 741: 714: 694: 661: 636: 610: 582: 557: 532: 507: 488: 477:New York Times 471:(2015-01-23). 469:Yergin, Daniel 460: 447: 436: 424: 409: 387:B. 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Index

Oil in Saudi Arabia

oil reserves
Saudi Arabia
Saudi–Kuwaiti neutral zone
US gallons
imperial
gallons
Eastern Province
Venezuela
their proven reserves
US Geological Survey

swing producer
George W. Bush
peaked
Ali Al-Naimi
initial public offering
Saudi Aramco
Matthew Simmons
Society of Petroleum Engineers
Diplomatic cables
United States diplomatic cables leak
Dr. Sadad Ibrahim Al Husseini
Saudi Aramco
Riyadh
Khalid Al-Falih
DeGolyer and MacNaughton
proved reserves for the Kingdom
CNBC

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