Saudi Arabia Has Oil Supplies for 80 Years If It Maintains Current Mining of 10 Mil Barrels/D

Saudi Arabia has oil supplies for 80 more years if it maintains its current mining of 10 mil barrels/d. The country has been reporting the same oil supplies since 2000. Local oil mining firms will get not quite a half of the current oil price of about USD 70/ barrel because they pay a mining tax of about 60%. In the past few years it was for the first time that oil incomes were insufficient for the country. It was the recent price growth that caused a budget surplus, which came to USD 26.4 bil in 2004.