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tion is expected to reach million barrels per day in 2020, ?NonOPEC oil production is expected to reach million barrels per day 2020, Oil and Gas Overview Saudi Arabia ? Largest reserves of petroleum in the world (26% of the proven reserves), ? Ranks as the largest exporter of petroleum, ? Oil reserves 9095% of Saudi export earnings ? 70%80% of state revenues, ? 40% of the country39。s longterm goal is to develop its lighter crude reserves. Oil and Gas Overview Saudi Arabia Shaybah field ?500,000 bbl/d of crude oil ?870 million cubic feet/day of natural gas. Haradh ?increase production of Arab Light oil by 600,000 bbl/d. Oil and Gas Overview Saudi Arabia Keys to Success Saudi oil policy: ?the largest oil reserves and among the lowest production costs around $ per barrel ?maintenance of significant spare oil production capacity。 ?a stable political and economic system. Supreme Petroleum Council has approved Saudi Aramco spending of $15 billion between 2021 and 2021. Physical Assets Oil and Gas Overview Saudi Arabia Refining ? Saudi Arabia has eight refineries, with bined crude throughput capacity of around million bbl/d Upgrades ?300,000bbl/d Ras Tanura refinery. ?Rabigh refinery largest domestic refinery. ?Increase capacity up 400,000 bbl/d. ?Change product slate, from lowvalue heavy products towards gasoline and kerosene. Saudi Aramco has around million bbl/d of refining capacity overseas. Oil and Gas Overview Saudi Arabia ? Saudi Arabia39。s currently proven natural gas reserves consist of associated gas, ? New associated natural gas reserves located in fields which contain light crude oil, ? Nonassociated gas reserves (are located in the deep Khuff reservoir), which underlies the Ghawar oil field. ? Dorra and Midyan ? Natural gas production feedstock for the petrochemical industry, electricity generation, desalination plants ? Replacement for direct oil burning. ? Liquefied natural gas lacks economic viability. Oil and Gas Overview Saudi Arabia ? Proven Oil Reserves (1/1/02E): billion barrels (includes half of Neutral Zone NZ) ? Oil Production (JanuaryNovember 2021E。 includes NZ): million bbl/d ? OPEC Crude Oil Production Quota (as of 1/1/02): million bbl/d (down over 1 million barrels per day from February 2021) ? Oil Produ