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In the short run, all oil exporting countries including Saudi Arabia are affected by the low oil prices. But Saudi Arabia benefits in the long run with estimated currency reserves of about $700 billion, allowing it to bear current low oil prices for a few more years. Low oil prices also give Saudi Arabia political power over other oil exporting countries that are its political rivals. For example, Saudi Arabia clashed with Russia and Iran over the Syrian conflict when the latter kept supporting Bashar al-Assad's regime against Saudi Arabia and its western coalition.
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 3), 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.roven reserves, according to figures provided by the Saudi government, are estimated to be 260 billion barrels (41 km 3), 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.