Introduction

More than a quarter of the world's proven oil reserves lie beneath the sands and offshore waters of Saudi Arabia. The discovery of these reserves and the building of the necessary facilities to make possible their use have made the Kingdom the world's largest exporter of oil and natural gas. This has enabled Saudi Arabia to bring about one of the greatest physical transformations achieved by any nation in such a short time. Since the introduction of the first five-year development plan in 1970, Saudi Arabia has spent about a trillion U.S. dollars, generated largely through the sale of oil and its products, to establish a sophisticated infrastructure and modern educational and health facilities. The existence of such vast hydrocarbon deposits within its territory has bestowed on Saudi Arabia a unique role. In response, the Kingdom has adopted an energy policy based on a commitment to maintain stability in world markets.

The country has focused on the development of its energy and mineral resources. Natural gas that was once flared off is now collected and utilized. The Kingdom has become a producer of refined oil products and petrochemicals, such as diesel oil and kerosene as well as gasoline. In addition, with discoveries of deposits of precious and semi-precious metals, Saudi Arabia expects to become a major exporter of minerals in coming decades. All of these resources, along with programs to diversify the country's sources of energy, are being developed to build a stronger and more resilient economy.