<Tr> <Th> Foreign reserves </Th> <Td> $487 billion (August 2017) </Td> </Tr> <Tr> <Td_colspan="2"> Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars . </Td> </Tr> <P> The economy of Saudi Arabia is dependent on oil and has strong government control over major economic activities . The Saudi economy is the largest in the Arab world . Saudi Arabia has the world's second - largest proven petroleum reserves and the country is the largest exporter of petroleum . It has also the fifth - largest proven natural gas reserves . Saudi Arabia is considered an "energy superpower". It has third highest total estimated value of natural resources, valued at US $34.4 trillion in 2016 . </P> <P> Saudi oil reserves are the second largest in the world, and Saudi Arabia is the world's leading oil exporter and second largest producer . Proven reserves, according to figures provided by the Saudi government, are estimated to be 260 billion barrels (41 km), about one - quarter of world oil reserves . Petroleum in Saudi Arabia is not only plentiful but under pressure and close to the earth's surface . This makes it far cheaper and thus far more profitable to extract petroleum in Saudi Arabia than in many other places . The petroleum sector accounts for roughly 87% of Saudi budget revenues, 90% of export earnings, and 42% of GDP . </P>

What is the primary basis for the economy of saudi arabia