ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Saudi Arabia possesses approximately 17 percent of the world’s proven petroleum reserves and ranks as one the largest net exporters of petroleum. Saudi Arabia has the second-largest proven oil reserves in the world.

Detailed explanation-2: -Petroleum is an integral part of the Saudi economy; Saudi Arabia is the world’s largest producer and exporter of oil. In recent decades the Kingdom has increasingly diversified its economy, and today produces and exports a variety of industrial goods all over the globe.

Detailed explanation-3: -Saudi Arabia is the world’s largest producer and exporter of oil, and has one quarter of the world’s known oil reserves – more than 260 billion barrels. Most are located in the Eastern Province, including the largest onshore field in Ghawar and the largest offshore field at Safaniya in the Arabian Gulf.

Detailed explanation-4: -The Kingdom of Saudi Arabia is often cited as the world’s largest oil producer. The country produces 13.24% of the oil consumed in the entire world daily. Saudi Arabia has the second-largest reserves of naturally occurring oil in the world after Venezuela.