Saudi Arabia’s economy is passing through a phase of transformation in which some resources will be freed from existing usages and allocated to new development opportunities. Making decisions based on the wrong opportunity costs or value of these resources could lead to over- or under-investment in projects. In particular, the international oil price may not reflect the true value of oil for Saudi Arabia due to its position as a major oil exporter and the distortions existing in its domestic economy. This workshop is co-organized by KAPSARC and the Center for Energy Studies at Rice University’s Baker Institute for Public Policy. It offers an interactive session that provides insights into how distortions impact the opportunity cost of oil, and identifies existing practices and ways of estimating opportunity costs/shadow prices.