Claiming a quarter of the world's proven oil reserves and some of its lowest production costs, Saudi Arabia was producing around 9.2 million barrels per day (1.46×106 m3/d) of oil at the beginning of 2008
According to British Petroleum Statistical Review of World Energy, as of 2007 Saudi Arabia reported it had 264 billion barrels (42×109 m3) of estimated oil reserves, around 21% of conventional world oil reserves.
Since Saudi Arabia produced about 3.2 billion barrels (510×106 m3) of oil in 2006, this would give it over 80 years of reserves at current rates of production.
Although Saudi Arabia has around 80 oil and gas fields, more than half of its oil reserves are contained in only eight fields, and more than half its production comes from one field, the Ghawar field.The raw data are not available to outside scrutiny.
A dissenting opinion regarding Saudi oil reserves came from Matthew Simmons who claimed in his 2005 book "Twilight in the Desert" that Saudi Arabia's oil production faces near term decline, and that it will not be able to consistently produce more than current levels.
In addition to his belief that the Saudi fields have hit their peak, Simmons also argues that the Saudis may have irretrievably damaged their large oil fields by overpumping salt water into the fields in an effort to maintain the fields' pressure and thus make the oil easier to extract.
Since 1982 the Saudis have withheld their well data and any detailed data on their reserves, giving outside experts no way to verify the overall size of Saudi reserves and output. After US President Bush asked the Saudis to raise production on a visit to Saudi Arabia in January 2008, and they declined, Bush questioned whether they had the ability to raise production any more. In the summer of 2008, Saudi Arabia announced an increase in planned production of 500,000 barrels per day.Penketh, Anne.
According to British Petroleum Statistical Review of World Energy, as of 2007 Saudi Arabia reported it had 264 billion barrels (42×109 m3) of estimated oil reserves, around 21% of conventional world oil reserves.
Since Saudi Arabia produced about 3.2 billion barrels (510×106 m3) of oil in 2006, this would give it over 80 years of reserves at current rates of production.
Although Saudi Arabia has around 80 oil and gas fields, more than half of its oil reserves are contained in only eight fields, and more than half its production comes from one field, the Ghawar field.The raw data are not available to outside scrutiny.
A dissenting opinion regarding Saudi oil reserves came from Matthew Simmons who claimed in his 2005 book "Twilight in the Desert" that Saudi Arabia's oil production faces near term decline, and that it will not be able to consistently produce more than current levels.
In addition to his belief that the Saudi fields have hit their peak, Simmons also argues that the Saudis may have irretrievably damaged their large oil fields by overpumping salt water into the fields in an effort to maintain the fields' pressure and thus make the oil easier to extract.
Since 1982 the Saudis have withheld their well data and any detailed data on their reserves, giving outside experts no way to verify the overall size of Saudi reserves and output. After US President Bush asked the Saudis to raise production on a visit to Saudi Arabia in January 2008, and they declined, Bush questioned whether they had the ability to raise production any more. In the summer of 2008, Saudi Arabia announced an increase in planned production of 500,000 barrels per day.Penketh, Anne.
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