Report: “Saudi Arabia was the world’s largest producer and exporter of total petroleum liquids in 2012, the world’s largest holder of crude oil reserves, and the world’s second largest crude oil producer behind Russia. Saudi Arabia’s economy remains heavily dependent on petroleum. Petroleum exports accounted for almost 90 percent of total Saudi export revenues in 2011, according to the Organization of the Petroleum Exporting Countries (OPEC)’s Annual Statistical Bulletin 2012. Saudi Arabia has been shifting its focus beyond increasing oil production capacity after state-owned oil company Saudi Aramco reached its target of 12 million barrels per day in 2009. With the near-completion of its largest oil projects, Saudi Arabia is expanding its natural gas, refining, petrochemicals, and electric power industries. Saudi Arabia’s oil and natural gas operations are dominated by Saudi Aramco, the world’s largest oil company in terms of proven oil reserves and production. Saudi Arabia’s Ministry of Petroleum and Mineral Resources and the Supreme Council for Petroleum and Minerals have oversight of the oil and natural gas sector and Saudi Aramco. The Supreme Council, which is composed 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.”