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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 Arabia has the largest natural-resource deposits in the Middle East, of which oil and gas are the most important. Oil was discovered in 1938. According to the latest estimates, Saudi Arabiaâs recoverable oil stands at 267 billion barrels, or one fifth of the worldâs reserves.