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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 â 9.9 million oil barrels / day â which are 12.65% of the total number of oil barrels produced in the world per day. Kingdom Tower, Riyadh. Saudi Arabia produces 9.9 million oil barrels a day. 3. United States â 8.45 million oil barrels / day â which are 9.97% of the worldâs daily oil production. According to the International Energy Agency (IEA) the United States is likely to become the worldâs largest oil producing country sometime between 2017 and 2020, overtaking Saudi Arabia and Russia.