crude oil production

Saudi Arabia Plans New City Entirely Dependent on Clean Energy

The Middle Eastern kingdom of Saudi Arabia owns around 16 percent of the world’s proven petroleum reserves and is the second-largest member of the Organization of the Petroleum Exporting Countries. On Jan. 5, Saudi Arabia announced that it would unilaterally cut 1 million barrels of crude oil production a day starting in February. The decision was made to benefit Saudi Arabia’s economy and that of its partnering countries by increasing oil prices as a response to the weakened global economies caused by the COVID-19 pandemic.