ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Saudi Aramco is the world’s largest oil producer. Officially known as Saudi Arabian Oil Company, the company is primarily state-owned and is based in Dhahran, Saudi Arabia.

Detailed explanation-2: -Petroleum is an integral part of the Saudi economy; Saudi Arabia is the world’s largest producer and exporter of oil.

Detailed explanation-3: -Petroleum. The economy of Saudi Arabia is dominated by petroleum and its associated industries. In terms of oil reserves, Saudi Arabia ranks first internationally, with about one-fifth of the world’s known reserves.

Detailed explanation-4: -Saudi Arabian Oil Co (Saudi Aramco) is a state owned energy and chemical company.

Detailed explanation-5: -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.