The energy industry in Saudi Arabia
Saudi Arabia is the 2nd largest oil-producing company in the world and the largest economy in the Middle East as a result of it having the second-largest proven petroleum reserves in the world. Supplying nearly 12% of the worlds’ oil, the country is a long-standing member of OPEC and over 40% of its GDP comes from the oil industry. The industry within Saudi Arabia is dominated by the state-owned Saudi Aramco which is one of the largest companies in the world when measured by revenue. Saudi Arabia is unsurprisingly home to the largest oil field in the world, the Ghawar Field which produces a staggering 3.8 million barrels of oil per day. Although the country is heavily associated with oil, it also has a significant renewables sector with big plans in the solar power industry.