ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Oil
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technology
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agriculture
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textile manufacturing
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Detailed explanation-1: -Petroleum is an integral part of the Saudi economy; Saudi Arabia is the world’s largest producer and exporter of oil.
Detailed explanation-2: -Saudi Arabian Oil Co (Saudi Aramco) is a state owned energy and chemical company.
Detailed explanation-3: -Saudi Arabia holds 15% of the world’s proved oil reserves. It is the largest exporter of crude oil in the world2 and maintains the world’s largest crude oil production capacity at nearly 12 million barrels per day, including capacity from the Neutral Zone that is shared with Kuwait.
Detailed explanation-4: -David Rundell: Yeah, the Saudi state is very heavily dependent upon the revenue that it obtains from exporting primarily oil, although also to some extent natural gas and petrochemicals. And this has in the past contributed– depends on the year and the price of oil– but somewhere around 85% of the state’s budget.