Oil Production in Saudi Arabia
The economy recorded average oil production of 9.86 million barrels per day in the decade to 2022. In 2022, oil production was 10.53 million barrels per day.
Saudi Arabia Oil Chart
Note: This chart displays Oil Production (mn barrels per day, aop) for Saudi Arabia from 2021 to 2024.
Source: Macrobond.
Saudi Arabia Oil Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Oil Production (mn barrels per day, aop) | 9.19 | 9.08 | 10.53 | 9.62 | 8.98 |
| OPEC Oil Basket Price (USD per Barrel) | 41.5 | 69.9 | 100.1 | 82.9 | 79.9 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Saudi Arabian oil projections for the next ten years from a panel of 8 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable oil forecast available for Saudi Arabian oil.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Saudi Arabian oil projections.
Want to get access to the full dataset of Saudi Arabian oil forecasts? Send an email to info@focus-economics.com.