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Oil and oil derivatives make up around 90-95% of total Saudi export earnings, 75% of budget revenues and approximately 35-40% of GDP. The government decision in May 2001 to reduce applied tariff rates on most imports to 5% resulted in lower customs receipts accruing to the budget.
Saudi Arabia has 260 billion barrels of proven oil reserves and up to 1 trillion barrels of ultimately recoverable oil. Saudi Arabia is one of the world's largest producers (currently slightly more than seven million barrels per day), exporters and holders of spare oil production (about 3 million barrels per day). Saudi Arabia's share of world oil production has declined from 17% in 1980 to approximately 9% currently...
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