Saudi Arabia is the world’s largest producer and exporter of total petroleum liquids and is currently the world’s second largest crude oil producer behind Russia. Saudi Arabia’s economy remains heavily dependent on oil and petroleum-related industries, including petrochemicals and petroleum refining. The International Monetary Fund reported that in 2006, the last available data, oil export revenues accounted for around 90 percent of total Saudi export earnings and state revenues and above 40 percent of the country's gross domestic product (GDP).

Saudi Arabia’s hydrocarbon sector operations are dominated by the state-owned oil company, Saudi Aramco. Saudi Aramco is the world’s largest oil company in terms of proven or “booked” reserves and production of hydrocarbons. In addition, Saudi Arabia’s Ministry of Petroleum and Mineral Resources and the Supreme Council for Petroleum and Minerals has oversight of the sector and Saudi Aramco directly. The Supreme Council, which is comprised of members of the royal family, industry leaders and government ministers, is responsible for petroleum and natural gas policy-making, including contract review, as well as Saudi Aramco’s strategic planning. The Ministry is responsible for national planning in the area of energy and minerals, including petrochemicals.

Saudi Arabia is the fastest growing consumer of energy in the Middle East, particularly in the area of transportation fuels. Domestic consumption growth has been spurred by the economic boom due to historically high oil prices and large fuel subsidies. In 2005, Saudi Arabia was the 15th largest consumer of total primary energy, of which 60 percent was petroleum-based. The remainder was made up of natural gas, the growth of which has been limited by supply constraints.