ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Saudi Arabia possesses around 17 per cent of the world’s proven petroleum reserves. Apart from petroleum, the Kingdom’s other natural resources include natural gas, iron ore, gold, and copper.

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 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-4: -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-5: -Saudi Aramco Jubail Refinery Company-SASREF. A Saudi company wholly-owned by Saudi Aramco. The refinery is located in Jubail Industrial city. The refinery processes crude oil into petroleum products for both local and international markets.