How much revenue does Saudi Arabia generate yearly from oil?

Saudi Aramco had a revenue of about 205 billion U.S. dollars in the year 2020. This was a decrease from about 295 billion U.S. dollars in the previous year.

How much is the oil industry worth in Saudi Arabia?

With a total worth of $34.4 trillion, Saudi Arabia has the second most valuable natural resources in the world. The country has the second-largest proven petroleum reserves, and is the largest exporter of petroleum in the world.

How much does oil contribute to the Saudi economy?

Saudi Arabia possesses around 17 per cent of the world’s proven petroleum reserves. The oil and gas sector accounts for about 50 per cent of gross domestic product, and about 70 per cent of export earnings.

How much does Saudi Arabia earn from oil per day?

Saudi Arabia produces 12,402,761 barrels per day of oil (as of 2016) ranking 2nd in the world. Saudi Arabia produces every year an amount equivalent to 1.7% of its total proven reserves (as of 2016).

Which is the largest oil company in Saudi Arabia?

Saudi Aramco (Arabic: أرامكو السعودية ‎ ʾArāmkū s-Saʿūdiyyah), officially the Saudi Arabian Oil Company (formerly Arabian-American Oil Company), is a Saudi Arabian public petroleum and natural gas company based in Dhahran. As of 2020, it is one of the largest companies in the world by revenue.

How many barrels of oil does Saudi Aramco produce?

Saudi Aramco operates the world’s largest single hydrocarbon network, the Master Gas System. Its 2013 crude oil production total was 3.4 billion barrels (540,000,000 m 3), 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.

How big is the market capitalisation of Saudi Aramco?

The shares rose to 35.2 Saudi riyals, giving it a market capitalisation of about US$ 1.88 trillion, and surpassed the US$2 trillion mark on the second day of trading. In the 2020 Forbes Global 2000, Saudi Aramco was ranked as the 5th-largest public company in the world.

When did SoCal first explore for oil in Saudi Arabia?

This event heightened interest in the oil prospects of the Arabian mainland. On 29 May 1933, the Saudi Arabian government granted a concession to SoCal in preference to a rival bid from the Iraq Petroleum Co. The concession allowed SoCal to explore for oil in Saudi Arabia.