Roughly 102 billion barrels of proven oil reserves are held by Saudi Arabia. The question is When will the oil in Saudi Arabia run out?
This indicates that Saudi Arabia would have enough oil to last for almost 26 years if it ceased finding new oil fields today and kept up its current production level of roughly 10.8 million barrels per day.
Saudi Arabia is not content to simply sit on its oil reserves and count its wealth. In order to extend its reach, investigate uncharted territory, and broaden its energy supply, it is also investing in new technology..
For example, it recently announced a $110 billion project to develop the Jafurah gas field, which could produce 130,000 barrels per day of gas liquids and condensates.
It is also building a giant solar power plant that could generate up to 1.5 gigawatts of electricity by 2030.
So, even if Saudi Arabia’s oil reserves are finite, its energy potential is not. And as long as there is a market for its oil, it will continue to pump it out at a profitable rate.
It can demand an unprecedented price for its oil, particularly from American and European clients seeking substitutes for Russian petroleum.
Thus, the response to the query, “When will Saudi Arabia’s oil run out?” is, “Not anytime soon.” And even if it does, Saudi Arabia will have other sources of income and energy to keep its economy and society running smoothly.