write a short note on drilling for oil on saudi arabia
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A massive oil pipeline carries petroleum from dharan, Saudi Arabia, near where oil was first discovered in the country. On March 3, 1938, an American-owned oil well in Dharan, Saudi Arabia, drilled into what would soon be identified as the largest source of petroleum in the world.
we produce 5 different grades of crude oil. Arabian heavy, Arabian medium, Arabian light, Arabian extra light, and Arabian super light.
Saudi Arabia possesses around 17 percent of the world's proven petroleum reserves. The oil and gas sector accounts for about 50% of gross domestic product, and about 70% of export earnings. Apart from petroleum, the kingdom's other natural resources include natural gas, iron ore, gold and copper.
oil reserve in Saudi Arabia
Saudi Arabia has Proven reserves equivalent to 221.2 times its annual consumption. This means that , without Net exports, there would be about 221 years of oil left (at current consumption levels and excluding unproven reserves).
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Saudi Arabia has traditionally been regarded as the world's most important swing producer of oil. When acting as such, the Saudi government would increase or decrease oil production to maintain a more stable price.[4]
Saudi Arabia produced 10.3 million barrels per day (1.6×106 m3/d) (Mbbl/d) in 1980, 10.6 Mbbl/d in 2006,[5] and in the region of 9.2 Mbbl/d in 2008.[6] Saudi Arabia maintains the world's largest crude oil production capacity, estimated to be approx. 11 Mbbl/d at mid-year 2008 and announced plans to increase this capacity to 12.5 Mbbl/d by 2009[7] Cumulative production through the end of 2009 was 119.4 billion bbl.[8] Using the stated number of 267 Gbbl, past production amounts to 40% of the stated remaining proved reserves. As of 2016, Saudi Arabia cumulative oil production reached 143.97 bbl.[9]
After the then U.S. president George W. 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.[10] In the summer of 2008, Saudi Arabia announced an increase in planned production of 500,000 barrels per day.[11] However, in 2008, some experts believed that Saudi oil production had already peaked or would do so in the near future.[12] In April 2015, the Saudi oil minister Ali Al-Naimi said that Saudi Arabia produced 12 million barrels per day in March that year, which was the highest figure based on records since the early 1980s. The previous peak was in August 2013 at 10.2 million barrels per day.[13]
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