Saudi Arabia's vast oil resources, located close to the surface of its desert expanse, make it one of the world’s cheapest places to produce crude. For every $10 rise in the price of a barrel of oil, Saudi Arabia stands to make an additional $40 billion a year, according to the Institute of International Finance.
Oil companies’ revenue losses on sale of auto fuels may jump further as international oil prices surged to $114 a barrel on Thursday session on the back of the EU’s move to phase out Russian energy imports.