Energy Profile
Between mid-2003 and mid-2006, Saudi Arabia showed strong economic performance due to high oil prices, increasing oil production and export earnings, paired with structural reforms, economic diversification, and stable macroeconomic policymaking. Saudi Arabia remains heavily dependent on oil and petroleum-related industries, including petrochemicals and petroleum refining. The IMF reported that in 2005, oil export revenues accounted for around 90 percent of total Saudi export earnings, 70-80 percent of state revenues, and 44 percent of the country's gross domestic product (GDP). In order to defend their most significant source of economic growth, Saudi Arabia is increasing its oil production capacity to 12 million barrels per day (bbl/d), by 2009.
