Energy in Saudi Arabia
Energy in Saudi Arabia describes petroleum production, consumption and export, but also natural gas and electricity production. "Saudi Arabia is the world's top oil exporter and producer. Saudi Arabia's economy is petroleum-based; Oil actually accounts for 90% of the country's exports and nearly 75% government revenues". The oil industry produces about 45% of Saudi Arabia's gross domestic product, against 40% from the private sector. Saudi Arabia has per capita GDP of $20,700. The economy is still very dependent on oil in spite of a diversification effort, in particular in the petrochemical sector.
For many years the Kingdom has been the world largest petroleum producer and exporter. In 2011 it pumped approximately 10.782 million barrels per day (1.7142×106 m3/d) of petroleum. While most of this is exported, domestic use is rapidly increasing, primarily for electricity production. Saudi Arabia also has the largest, or one of the largest, proven crude oil reserves (i.e. oil that is economically recoverable) in the world (18% of global reserves, over 260 billion barrels (41×109 m3)).
Saudi Arabia, has one of the largest reserves of natural gas in the gulf. Proved natural gas reserves are over 7 trillion cubic metres (250 trillion cubic feet). Global production in 2009 reached 29 billion barrels (4.6×109 m3) of oil and 3 trillion cubic metres (110 trillion cubic feet) of natural gas. but due to its sizeable domestic gas markets, is "unlikely to become LNG exporters anytime soon". Saudi Arabia is prioritising upstream gas investment, but for use in the domestic power generation market, not for export.
The country has had plans to diversify its energy sources for some time, developing solar and nuclear power.
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