Saudi Arabian oil industry

Saudi Arabian oil industry "oil export revenues make up around 90-95% of total Saudi export earnings, 70%-80% of state revenues, and around 40% of the country's gross domestic product (GDP). Saudi Arabia's economy remains, despite attempts at diversification, heavily dependent on oil (although investments in petrochemicals have increased the relative importance of the downstream petroleum sector in recent years)." 

"With one-fourth of the world's proven oil reserves, Saudi Arabia is likely to remain the world's largest oil producer for the foreseeable future. During the first eight months of 2003, Saudi Arabia supplied the United States with 1.8 million barrels per day of crude oil, or 19%, of U.S. crude oil imports during that period." 

SourceWatch Resources

 * OPEC
 * peak oil

Data

 * Saudi Aramco web site.
 * Saudi Arabian Oil Industry, U.S. Department of Energy, December 2003.
 * Oil.com web site.

Articles & Commentary

 * Robert L. Norberg, "Saudi Arabs, Americans and Oil," Saudi-American Forum, March 20, 2003.
 * John C.K. Daly, "The Saudi Oil Industry and Terrorism, Reuters/UPI, November 23, 2003.
 * Paul Reynolds, "US ready to seize Gulf oil in 1973," BBC/UK, January 1, 2004: "It was thought that US airborne troops would seize the oil installations in Saudi Arabia and Kuwait and might even ask the British to do the same in Abu Dhabi. ... The episode shows how the security of oil supplies is always at the forefront of governments' planning."
 * "Saudis may cut oil price to aid Bush," New York Daily News, April 19, 2004.
 * Henry A. Waxman and Edward J. Markey, Letter, April 19, 2004: Re Bob Woodward's revelation on 60 Minutes that George W. Bush has an agreement with Saudi ambassador Prince Bandar bin Sultan to lower oil prices prior to U.S. presidential election, 2004.
 * Mike Glover, "Kerry Criticizes Bush Over Oil Report," AP, April 19, 2004: "Democratic presidential candidate John Kerry on Monday vowed to end a 'sweetheart relationship' that allows money to flow through Arab countries to terrorist groups and criticized President Bush over a report that he had struck a deal with Saudi officials to lower gasoline prices before the election."
 * Adam Entous and Tom Doggett, "Saudis Say Won't Use Oil to Influence U.S. Election," Reuters, April 19, 2004.