<P> The proven oil reserves in Saudi Arabia are the 2nd largest in the world, estimated to be 268 billion barrels (43 × 10 ^ m) (Gbbl hereafter), including 2.5 Gbbl in the Saudi--Kuwaiti neutral zone . They are predominantly found in the Eastern Province . These reserves were the largest in the world until Venezuela announced they had increased their proven reserves to 297 Gbbl in January 2011 . The Saudi reserves are about one - fifth of the world's total conventional oil reserves, a large fraction of these reserves comes from a small number of very large oil fields, and past production amounts to 40% of the stated reserves . </P> <P> In 2000, the US Geological Survey estimated that remaining undiscovered oil reserves in Saudi Arabia had a probability - weighted average of 90 Gbbl . </P> <P> Saudi Arabia has traditionally been regarded as the world's most important swing producer of oil . When acting as such, the Saudi government would increase or decrease oil production to maintain a more stable price . </P> <P> Saudi Arabia produced 10.3 million barrels per day (1.6 × 10 ^ m / d) (Mbbl / d) in 1980, 10.6 Mbbl / d in 2006, and in the region of 9.2 Mbbl / d in 2008 . Saudi Arabia maintains the world's largest crude oil production capacity, estimated to be approx. 11 Mbbl / d at mid-year 2008 and announced plans to increase this capacity to 12.5 Mbbl / d by 2009 Cumulative production through the end of 2009 was 119.4 billion bbl . Using the stated number of 267 Gbbl, past production amounts to 40% of the stated remaining proved reserves . As of 2016, Saudi Arabia cumulative oil production reached 143.97 bbl . </P>

Where are the largest deposits of oil located