Proven oil reserves in Saudi Arabia are the second largest claimed in the world, estimated to be 267 billion barrels (42×109 m3) (Gbbl hereafter) including 2.5 Gbbl in the Saudi-Kuwaiti neutral zone. These reserves were the largest in the world until Venezuela announced they had increased their proven reserves to 297 Gbbl in January 2011. The Saudi reserves are about one-fifth of the world's total conventional oil reserves, a large fraction of these reserves comes from a small number of very large oil fields, and past production amounts to 40% of the stated reserves.
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