The oil and gas industry is the backbone of the economy of the Kingdom of Saudi Arabia contributing about 75% to budget revenues, 45% to GDP, and 90% to exports. Saudi Arabia has the second largest oil reserves, largest oil production, and the fifth largest natural gas reserves in the world. Over 72% of the oil produced in the Kingdom is exported. Indeed, the economy of Saudi Arabia is dependent on these non-renewable sources of energy, with a high correlation between Saudi Arabia’s GDP and oil prices.
