ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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diamonds
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gold
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farming
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oil
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Detailed explanation-1: -Oil Production The United States is by far the world’s biggest producer of oil, having produced around 16.6 million barrels of oil on average per day in 2021. Saudi Arabia and Russia follow head to head in second and third place, having produced around 11 and 10.9 million barrels of oil per day, respectively.
Detailed explanation-2: -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-3: -Energy in Saudi Arabia involves petroleum and natural gas production, consumption, and exports, and electricity production. Saudi Arabia is the world’s leading oil producer and exporter. Saudi Arabia’s economy is petroleum-based; oil accounts for 90% of the country’s exports and nearly 75% of government revenue.
Detailed explanation-4: -Saudi Arabia. Russia. United States. Canada. Iraq. United Arab Emirates (UAE) Nigeria. Kuwait. More items