Saudi Arabia has a quarter of the world's crude oil reserves and will become the world's largest oil producer. From 65438 to 0999, Saudi Arabia provided10.4 million barrels of crude oil to the United States every day (accounting for 16% of the total crude oil imports of the United States in that year).
background
Crude oil exports account for about 80-85% of Saudi Arabia's export revenue and 35-40% of GDP. Although it is now trying to diversify its economic structure, its dependence on the crude oil industry is still deep. In recent years, the investment in petrochemical industry has relatively improved the status of downstream industries. Although the plunge in oil prices from 1998 to the beginning of 1999 has ended and the economic situation in Saudi Arabia has greatly improved, Saudi Arabia is still facing the pressure of major measures such as economic privatization. 1999 The real GDP growth rate is only 0.4%. It is predicted that the oil price will rise in 2000, and its GDP growth rate will rapidly increase to 5. 1%. Prince Abdullah said: There are many difficulties ahead, and the "strong" period of Gulf oil-producing countries such as Saudi Arabia has passed. Another serious challenge for Saudi Arabia is the rapid population growth and the employment of young people (in non-public enterprises). In the past decade or so, Saudi Arabia's economic growth rate has failed to keep up with the population growth rate, resulting in a decline in per capita income. In its 1995-2000 development plan, the government formally defined the policy of encouraging the development of private economy (including foreign-funded enterprises) and reducing government participation. However, this initiative has made slow progress. The main reason is that most people are worried about losing their jobs and resistance from some big royal enterprises. Saudi Arabia will also gradually reduce subsidies to the oil industry, raise taxes, and embark on financial reform. At present, it seems that these are all on track. Consideration is being given to amending the regulations on foreign investment. 65438+1In late June, 1999, foreign investors were allowed to buy shares of domestic companies in Saudi Arabia through * * * mutual funds.
Another motive force of Saudi Arabia's economic privatization is its hope to join the WTO before the end of 2000, but it may be postponed for various reasons. WTO will bring great changes to the economic structure of Saudi Arabia (higher taxes, strict market control, etc.). ). Saudi Arabia joined the WTO for two reasons: 1, hoping to attract foreign investment; 2. Open up new markets for China petrochemical industry. King Fahd once said in1June 1999 1 1: "The world is moving towards integration, and Saudi Arabia will not fall behind." He also said that while successfully integrating into global integration, it is also necessary to emphasize the regional integration of Gulf countries in economic, political and military aspects. GCC (Gulf Cooperation Council) has taken the first step in this regard. At present, Saudi Arabia implements a tax-free policy for goods imported from GCC countries. Another plan is "nationalization of employees", with the goal of replacing 60% of the 5-6 million foreign employees currently working in Saudi Arabia with domestic employees. In order to implement the plan, Saudi Arabia has stopped issuing work visas for certain types of jobs and started to provide vocational training for its own employees, creating conditions for private enterprises to hire their own employees. The annual subsidies provided by the government to some state-owned enterprises with poor operating conditions and their economic losses are the main reasons for Saudi Arabia's fiscal deficit. The finance minister called for the privatization of enterprises. At present, the private economy accounts for 40% of Saudi Arabia's GDP and provides 89% of employment opportunities. But only 5- 10% employees are from China.
1February 1999, the government made a relatively conservative budget for 2000. Among them, investment in the oil industry only increased by 2%. According to another source, in June 5438+in October 20001,Saudi Arabia announced the establishment of the highest "petroleum and mineral affairs committee" composed of 1 1. The main functions of the Committee are still unknown, but it seems to be related to the overall goal of achieving an adequate economy in Saudi Arabia and accelerating the privatization of the energy industry.
petroleum
Saudi Arabia (including the "neutral zone" with Kuwait) has proven crude oil reserves of 26 1 100 million barrels (accounting for 1 4 of the world's total reserves), and finally renewable fuel oil1100 million barrels, making it a major oil producer and exporter. At the regular meeting of OPEC members in March 1999, Saudi Arabia agreed to increase its crude oil production to 7.438 million barrels per day (excluding neutral areas).
Saudi Arabia has 77 oil and gas fields, and almost half of its crude oil reserves are distributed in 8 oil fields, including GHAWAR (the world's largest onshore oil field with an estimated remaining reserve of 70 billion barrels) and SAFANIYA (the world's largest offshore oil field with an estimated remaining reserve of 65.438+09 billion barrels). The number of oil wells in Saudi Arabia is less than 1430, and the output of GHAWAR oilfield accounts for half of the total crude oil output in Saudi Arabia.
The quality of crude oil produced in Saudi Arabia is varied, ranging from heavy oil to ultra-light oil. The lightest oil comes from onshore oil fields, while medium oil and heavy oil mostly come from offshore. GHAWAR oilfield is the main producing area of API 34o crude oil. ABQAIQ Oilfield (a large oilfield with proven reserves of 654.38+07 billion barrels) produces API 37o Arabian ultra-light oil. Since 1994, HAWTAH TREND Oilfield (including HAWTAH Oilfield and several small satellite oilfields, NUGYYIM Oilfield and HZMIYAH Oilfield) has produced 200,000 barrels of Arabian ultra-light oil with API45o-50o and sulfur content of 0.06% every day. It is estimated that this oilfield has 30 billion barrels of liquefied natural gas reserves.
Onshore production includes Arabian Intermediate Oil (500,000 barrels per day) in Zuluf Oilfield, Arabian Heavy Oil (270,000 barrels per day) in Mardjan Oilfield and Safar Nia Oilfield. The proven crude oil reserves in Neutral Zone are 5 billion barrels. There are two Japanese AOC companies (Arabian Oil Company) developing offshore oil fields-Khafji and HOUT oil fields, which shows Japan's interest in upstream development. 80% of the income goes to AOC, and Saudi Arabia and Kuwait each receive 10%. Texaco also has three onshore oilfields under development: SAFRA Oilfield, South Varis Oilfield and South UMM Guer Oilfield. The contract between AOC and Saudi Arabia expired on February 27th, 2000, and Japan has applied for an extension. AOC's contract with Kuwait expired in June 2003. Saudi Arabia welcomes companies like AOC to invest and buy crude oil in Saudi Arabia. Japan proposed to provide Saudi Arabia with about $4 billion in commercial loans, mainly for seawater desalination, power generation and petrochemical industry development.