Previous years Saudi Arabia has 16% of the world’s proved oil reserves, is the largest exporter of total petroleum liquids in the world, and maintains the world’s largest crude oil production capacity at roughly 12 million barrels per day.[1] Saudi Arabia is the world’s second-largest holder of proved oil reserves, ranking second only to Venezuela , holding roughly 16% of total reserves. In 2016, Saudi Arabia was the largest exporter of total petroleum liquids (crude oil and petroleum products), with exports mostly destined to Asian and European markets. During that same year, Saudi Arabia was the world’s second-largest petroleum liquids producer behind the United States and was the world’s second-largest crude oil and lease condensate producer behind Russia . During the first half of 2017, Saudi Arabia has maintained this position, despite lower production than in the previous year. Saudi Arabia’s economy remains heavily dependent on […]