Breakeven oil price Saudi Arabia 2000-2024, by account

According to projections for 2024, the fiscal breakeven oil price for Saudi Arabia was 75.1 U.S. dollars per barrel. The projections for Saudi Arabia's external breakeven oil price for the same period were at 57 U.S. dollars per barrel. 

Saudi oil industry

  Saudi Arabia’s oil industry entails 17 percent of the world’s proven petroleum reserves. Their oil reserves were expected to exceed 40 billion metric tons by 2020. Its oil sector accounted for about half of the country’s GDP in 2018, and about 70 percent of their export income, as their oil reserves are the second largest in the world and they are the world’s leading petroleum exporter. Saudi Arabia has an advantage over other oil-producing countries as the extraction process is cheaper and easier relative to other regions. The petroleum is handled and mostly controlled by Saudi Aramco which is a public company and the most profitable country in the world as of 2019. The highest value petrochemicals project in the country in 2020 was the Amiral Complex: Ethylene & Propylene Plant.

Saudi economy

Saudi Arabia is the world’s leader in petroleum exportation. They also had the fifth-largest natural gas reserve in 2019. However, their significant reliance on these natural resources compelled the government to launch its Saudi Vision 2030, which aims on expanding their resources. As a result, in the first quarter of 2019, Saudi Arabia's budget has accomplished its first surplus since 2014 of more than 10 billion U.S. dollars due to the increase of both the oil and non-oil revenues. Public debt witnessed a significant increase in 2020 following the COVID-19 pandemic but was expected to slowly decrease in the following years. Non-oil revenues accounted for about 38 percent of the country’s revenue in 2019 . The largest non-oil contributor to the country’s GDP was government services.