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Saudi Arabia's economy is among the top 20 economies in the world, and the largest economy in the Arab world and the Middle East. Saudi Arabia is part of the G20. Saudi Arabia is valued at $34.4 trillion and has the world's second most valuable natural resource. the country has the second largest proven oil reserves and is the world's largest oil exporter. Saudi Arabia's economy is heavily dependent on oil, and is a member of OPEC. In 2016, the Saudi government launched its Saudi Vision 2030 to reduce the country's dependence on oil and diversify its economic resources. Saudi Arabia's budget for the first quarter of 2019 was the first surplus since 2014. This surplus of $10.40 billion was achieved owing to increased oil and non-oil revenues. Saudi oil reserves is the second largest oil reserves in the world, and Saudi Arabia is the world's leading oil exporter and the second largest producer. According to figures provided by the Saudi government, proven reserves are estimated at 260 billion barrels (41 square kilometers), about a quarter of the world's oil reserves. Oil in Saudi Arabia is not only abundant, it is under pressure and close to the surface of the earth. This makes oil extraction in Saudi Arabia much cheaper and more profitable than many other places. The oil sector accounts for approximately 87% of Saudi budget revenues, 90% of export earnings and 42% of GDP. Managed oil reserves in Saudi Arabia It is largely produced by the state-owned Saudi Aramco. An estimated 7.5 million foreigners work legally in Saudi Arabia, playing a crucial role in the Saudi economy, for example, in the oil and services sectors. The government has encouraged private sector growth for many years to reduce the kingdom's dependence on oil and increase employment opportunities for the Saudi population. In recent decades, the Government has begun to allow private sector and foreign investors to participate in sectors such as electricity generation and telecommunications, and has joined the World Trade Organization. For most of the 21st century, rising oil prices have enabled the government to run budget surpluses, increasespending on vocational training and education, infrastructure development and government salaries.