Saudi Arabia's Minister of Energy, Abdulaziz bin Salman, announced on Monday, July 1st, 2024, the discovery of seven new oil and gas fields in the Eastern Region and the Empty Quarter of the Kingdom, according to the official Saudi Press Agency.

Bin Salman stated that Saudi Aramco, the state-owned oil company, had successfully identified two unconventional oil fields, one light Arabian oil reservoir, two natural gas fields, and two natural gas reservoirs.

The oil discoveries include the "Ladam" unconventional oil field in the Eastern Region, the "Farooq" unconventional oil field in the Eastern Region, and the "Unayzah B/J" reservoir in the "Mazalij" field, also in the Eastern Region.

The Minister further revealed that the natural gas discoveries encompass the "Jahq" and "Kutoof" fields, along with the "Hanifa" reservoir in the "Usikrah" field, located in the Empty Quarter.

Saudi Arabia, the world's largest oil producer, derives 42% of its gross domestic product from the oil sector, according to CNBC.

Data from the Joint Organisations Data Initiative (JODI) indicates that Saudi Arabia's crude oil exports declined to 6 million barrels per day in April, down from 6.413 million barrels per day in March.

JODI also reported that Saudi crude oil production increased by 0.013 million barrels per day to 8.986 million barrels per day in April. The data further revealed that crude oil inventories rose by 6.663 million barrels to 145.948 million barrels in the same month.