Oil - exports: 7.341 million bbl/day (2015 est.) After the economic downturn and volatile oil prices seen in 2020, oil price has since rebounded in 2021 from an average of US$50 in early 2021 to approx. Oil - exports: 7.341 million bbl/day (2015 est.) The Saudi Standards, Metrology and Quality Organisation (SASO) has a Conformity Assessment Programme (CAP) that covers goods destined for Saudi Arabia. On Monday, U.K. Prime Minister Boris Johnson urged Saudi Arabia to ramp up oil output, seeking to cool record fuel prices. Value of exports (million $) 173,864: Value of petroleum exports (million $) 119,359: Current account balance (million $)-19,647: Proven crude oil reserves (million barrels) 261,600: Proven natural gas reserves (billion cu. Given Saudi Arabias population of 35.5 million people, its total $267.5 billion in 2021 exports translates to roughly $7,500 for every resident in the Middle Eastern country. In December 2021, it exported 7.8 mb/d, of which crude and condensate accounted for 5 mb/d, or 64%. On Tuesday Safar 29, 1438H, corresponding to November 29, 2016 the General Authority for Statistics (GaStat) has issued its two indicators: (Trade directions of the top 10 partner countries for exports and imports of Saudi Arabia) and the (balance of trade) until the end of September 2016 on its official website www.stats.gov.sa. Saudi Arabia has removed its export ban on all scrap metals and will not apply export duties on these products. Saudi Arabias oil exports grew more than 123 percent year-on-year in October 2021 or 45.5 billion riyals ($12 billion), data issued by the Saudi General Authority for Statistics showed on Sunday. 2 The International Monetary Fund (IMF) estimates the Saudi economy will expand 7.6% this year, more than double the 3.2% growth recorded in 2021 and for the first time in Saudi Arabias history the IMF estimates the GDP to According to the Dubai Chamber the value of the emirates date trade reached $221 million in 2016. Saudi Arabia is making around $1 billion per day from its oil exports, as the value of the commodity skyrockets to its highest cost in at least six years. from Saudi Arabia totalled $ 10.4 thousand in 2020. The economy grew 9.6% in the first quarter of 2022, the highest growth rate since 2011, driven by a 20% increase in oil sector contributions. Today, industrial products make up more than 90 percent of the Kingdoms non-oil exports. Saudi Arabias oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production. Saudi Arabias exceptions include 758 products that may be imported duty-free, including aircraft and most livestock. Saudi Arabia Service Trade data from WDI 2019. The value of The following product groups represent the highest dollar value in Saudi Arabias import purchases during 2021. The economy grew 9.6% in the first quarter of 2022, the highest growth rate since 2011, driven by a 20% increase in oil sector contributions. Key Points. Exports structure from Saudi Arabia in 2020 represented by the following main commodity groups: 71% (132 billion US$): 27 - Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes. Year over year, the value of global refined oil exports accelerated by 46.7% from $479.9 billion during 2020. Saudi Arabia. Since oil was first discovered in the region, the economy of Saudi Arabia has been dependent on oil revenues. September 9, 2019 12:00 pm (EST) Saudi Arabias oil industry is on the move with strategic changes in leadership, investments, and a broadening of its Saudi Arabias state oil company, Saudi Aramco, is reckoned to be the worlds most valuable company with an estimated value of $2 trillion. 28 among U.S. trade partners in April. Saudi Aramco announced a cut in capital expenditures from $3540 billion planned to $2530 billion. Saudi Arabia: -$6.8 billion (up 78.6%) South Africa: -$6.4 billion (up 272.9%) US pips Saudi Arabia as second largest exporter of crude oil to India. Updated as of 2020. Upgrade now. The country is heavily reliant on crude petroleum exports to sustain the countrys GDP. The countrys first green hydrogen plant is a joint venture between Saudi ACWA Power, Neom, and U.S.-based Air Products to build a green hydrogen-based ammonia production facility located at Neom. The UAE Central bank figures put their revenue for 2019 from crude oil exports at $66.2 billion which is almost a 14% jump from 2017s $58 billion. They accounted for nearly 70% of the countrys total exports in terms of value in 2020, and about 53% of the Saudi governments revenues were oil-based. Factbook > Countries > Saudi Arabia > Energy. CAP requires quality checks and inspections of companies looking to export to Saudi Arabia. Oil revenue is a significant government income for several oil producing countries. The total value of all Saudi exports doubled to $37.9 billion (142.2 billion Saudi riyals) in March 2022 compared to March 2021, chiefly thanks to On Saudi Arabia. (cumulative exports of commodity group 1804 from Saudi Arabia amounted $ in 2019) Exports of commodity group 1804 amounted to 0.016% of total sales of group "" from Saudi Arabia in 2020 (the value of exports of commodity group from Crude oil sales account for a large part (65%) at $110 billion. You will need to provide proof in the form of a certificate of conformity. The country direction's report considered China as the The oil price war between Saudi Arabia and Russia came to an end at a virtual OPEC conference on April 9 th, 2020, with both states agreeing along with OPEC members and the majority of non-OPEC attendees to a proposed 10 million barrels per day cut (Cohen, 2020).Since Mexico refused to this initial proposal, OPEC members and its producing allies now including Saudi Arabias oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production. In 5.22% (9.7 billion US$): 29 - Organic chemicals. US$85 in late 2021.

Saudi Arabias non-oil exports rose 52 per cent during the second quarter amid signs of a rebound in international trade and as the kingdom's economy continues to recover from the effects of the coronavirus pandemic. The change in exports was -14.72 percent and the change in imports was 126.23 percent. Overall exports increased by nearly 92% in June compared to a year earlier when international trade was curbed due to lockdowns and travel disruptions related to the coronavirus pandemic, said the This page provides the data for your chosen country across all of the key metrics on this topic. Saudi Arabias crude production rose to The value of The nation is the 26th largest exporter in the world. The Increasing exports and imports of oil and gas on the account of surged demand across the world are fuelling the market growth. Obviously, the downturn in oil prices is not exactly something that the Saudi government is happy about. Saudi Arabias oil exports grew more than 123 percent year-on-year in October 2021 or 45.5 billion riyals ($12 billion), data issued by the Saudi General Authority for Statistics showed. Saudi Arabia - Oil and Gas name of the carrier, brand and quantity of goods, and description of the goods including weight and value; Exports of oil, petroleum products, natural gas and wheat all require export licenses. Saudi Arabia holds 266,578,000,000 barrels of proven oil reserves as of 2016, ranking 2nd in the world and accounting for about 16.2% of the world's total oil reserves of 1,650,585,140,000 barrels. Saudi Arabias oil exports grew more than 123 percent year-on-year in October 2021 or 45.5 billion riyals ($12 billion), data issued by Saudi Arabia ; United Arab Emirates ; Venezuela; Secretariat Venezuela has been an oil producer since 1914 when the first commercial oil well, Zumaque I, was drilled in the Mene Grande field on the eastern shores of Lake Maracaibo. Overview In 2020 Saudi Arabia was the number 20 economy in the world in terms of GDP (current US$), the number 30 in total exports, the number 30 in total imports, the number 46 economy in terms of GDP per capita (current US$) and the number 32 most complex economy according to the Economic Complexity Index (ECI).. Exports The top exports of Saudi Arabia are Petroleum oils Today, industrial products make up more than 90 percent of the Kingdoms non-oil exports. While Saudi Arabias economic base continues to be dominated by oil, the Kingdom has taken steps to diversify the economy. That dollar metric exceeds the average $5,100 per person one year earlier in 2020. Fueled by enormous revenues from oil exports, the economy boomed during the 1970s and 80s. Saudi Arabia is targeting hydrogen production both blue and green of 2.9mn t/yr by 2030 and 4mn t/yr by 2035. Although it has about $616 billion in cash reserves, enough to finance its large fiscal deficits for years, Saudi Arabia is burning through those reserves at a rapid clip. Also shown is the percentage share each product category represents in terms of overall imports into Saudi Arabia. Saudi Arabia and Russia also top the list of oil exporting countries. Annually, Saudi Arabia exports about $170B. Saudi Arabia monthly trade data. Saudi Arabias crude shipments to China have doubled in the span of a year. Definition: This entry is the total amount of crude oil exported, in barrels per day (bbl/day). Saudi arabia or arabian plate oil and gas is so rich and prolific. The factors for such richness include the presence of so many petroleum systems over geological time including repeated and extensive source rock beds, excellent carbonate in good position and a long history of sedimentation. Oil exports hit about $35 billion in Oil & Gas Industry. Saudi Arabia: Energy Country Profile. Sunni Islam is the state religion of Saudi Arabia.The connection between Islam and modern-day Saudi Arabia is uniquely strong. The monthly U.S. oil production reached 12.86 million b/d in November 2019, the highest monthly level of crude oil production in U.S. history. It had ranked No. Unemployment Rate in Saudi Arabia averaged 5.88 percent from 1999 until 2022, reaching an all time high of 9 percent in the second quarter of 2020 and a record low of 4.35 percent in the fourth quarter of 1999. Last year, Saudi Arabia exported less than 1 million bpd to China, but Saudi Arabia's aggressiveness seems to match with China's thirst for more crude. Country / Region. The increase in oil prices is expected to help in the Kingdoms recovery and diversification plans. May 27, 2022 at 4:25 pm. The government also increased its debt ceiling from 30 to 50 percent of GDP, due to both oil prices and the impact of the pandemic, and Saudi Arabia exports petrochemicals, plastics, metal goods, construction materials and electrical appliances to some 90 countries. In May of 2019, the country became a net To traders the oversupply and growth in inventories signaled a clear trend toward lower future prices. Their apprehensions about an expanding oversupply of oil conspired to bring about a price collapse comparable to that in earlier speculative cycles. Saudi Arabia is used to being blamed when prices seem too high.