Saudi Arabia Country Analysis Brief
(Wed, 11 Oct 2023) Saudi Arabia was the worldâs third-highest crude oil and condensate producer, the worldâs top crude oil exporter, and OPECâs top crude oil producer in 2022. Saudi Arabia accounts for 43% (0.5 million b/d) of agreed on OPEC+ production cuts that began in May 2023 intended to rebalance the global oil market, hedge against downside risks of decreased oil demand, and raise falling crude oil prices.