Suggested Citation:
Jaffe, Amy Myers and Jareer Elass (2007) Saudi Aramco: National Flagship with Global Responsibilities. James A Baker III Institute for Public Policy

The Saudi sate oil farm, Saudi Aramco, is undeniably the most influential oil company in the world. Saudi Aramco is the world’s largest oil producer, supplying more than 10 percent of global oil demand, and it manages 98 percent of the kingdom’s oil reserves, which comprise 25 percent of the world’s total oil reserves. The country’s proven oil reserves are estimated at 259.9 billion barrels, plus approximately 2.5 billion barrels in the Neutral Zone. Probable and possible reserves have been estimated at a further 103 billion barrels. The company extracted roughly 8.9 million barrels a day (b/d) of crude oil in 2006 and 9.1 million b/d in 2005, according to the Saudi Aramco annual report. The company operates refineries, markets oil internationally, and distributes it domestically. Saudi Aramco operates a fleet of oil tankers and invests in refineries and distribution networks in other countries; it also owns 248.5 trillion cubic feet of gas reserves (Tcf) and operates a thriving petrochemical business.