Saudi Arabia was the world’s third-highest crude oil and condensate producer, the world’s top crude oil exporter, and OPEC’s top crude oil producer in 2023.1
As part of its OPEC+ membership, Saudi Arabia agreed to 0.5 million barrels per day (b/d) in additional crude oil production cuts that began in May 2023. In June 2024, OPEC+ extended these cuts through December 2025. Saudi Arabia unilaterally cut an additional 1.0 million b/d of OPEC+ production starting in July 2023, which (at the time of writing) it plans to gradually restore from November 2024 through the end of 2025.2
Saudi Arabia seeks to increase its electricity generation capacity from natural gas and renewable energy sources as part of the country’s Vision 2030.3 The Saudi Power Procurement Company (SPPC) awarded bids for four natural gas-fired power plant projects in October 2023 and began receiving bids for four additional projects in January 2024. Each project has 1.8 gigawatts (GW) of additional capacity.4 Saudi Arabia’s government has over 21 GW in planned renewable energy projects as of mid-2024, the majority of which are for solar power.5
Petroleum and other liquids
Saudi Arabia produced 9.5 million b/d of crude oil in 2023, a 9% decrease from 10.4 million b/d in 2022. This decrease reflects OPEC+ production cuts from 2023 intended to balance the market amid increased production from non-member countries. Total liquid fuels production in Saudi Arabia decreased 8%, from 12.1 million b/d in 2022 to 11.1 million b/d in 2023.6
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