Saudi Arabia is the world’s largest producer and exporter of oil, accounting for 13% of global oil production. The oil reserves of the Kingdom are the second largest in the world, with a global share of around 16%. Over the last three decades, oil consumption in Saudi Arabia has grown at a CAGR of 5.3%. About 75% of the crude oil produced in Saudi Arabia is exported as crude and refined products, the remaining being consumed locally.
