The decision of the “OPEC Plus” coalition countries, led by Saudi Arabia, to voluntarily reduce oil production, as of May 2023, reflected the seasoned diplomacy implemented by the Kingdom under the leadership of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, and Crown Prince and Prime Minister Prince Muhammad bin Salman, in managing the most important files. And the most sensitive and accurate, at a timing that the whole world is looking forward to.
Since the start of the oil journey in Saudi Arabia, when the concession agreement for oil exploration and production was signed in May 1933; That is, through a long history that spanned 90 years, during which Saudi Arabia was able to be the pomegranate in the balance of the world’s markets, as it was able to gain confidence and reliability despite international challenges, wars and crises, the latest of which was the “Covid 19” pandemic, and the accompanying severe impact on energy markets in the world, with the manifestation of The influential role of the Kingdom in terms of global energy during the pandemic, as it reached the historic OPEC Plus agreement in 2022, and its subsequent efforts to enhance countries’ commitment to their quotas from the reduction, and to compensate for quantities in excess of quotas, and the impact of reaching this agreement on the stability of global markets, and ending with a decision The last “OPEC +” alliance. And the Minister of Energy, Prince Abdulaziz bin Salman, with 40 years of experience that he spent in many leadership positions, was able to take “diplomacy” as a mechanism to lead the “OPEC +” alliance as a stable and unified front, so that the “oil prince” could reformulate the global position of the alliance again, with frameworks that achieve the interests of all. Countries and parties, on an equal footing, as the prince's biography reveals that he stands on an extended history of certificates, academic degrees, and major positions.
It is noteworthy that the Kingdom owns 19% of the global reserves, 12% of global production, and more than 20% of oil sales in the global market. It also has a refining capacity of more than five million barrels per day, both internally and externally. 267 billion barrels.
Exploration and discovery followed, and the development of the oil industry made the Kingdom the most important and largest petroleum country in the world in terms of oil reserves, production, exports, and refining capacity.
«Saudi oil»
19%
from the global reserve
267 billion
spare barrel
Taher Al-Husari (Jeddah) @taher_ibrahim0
