ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The kingdom has the second-largest proven petroleum reserves, and the fourth-largest measured natural gas reserves. Saudi Arabia is currently the largest exporter of petroleum in the world, which sees it occasionally referred to as a Petro State in Western media.

Detailed explanation-2: -Saudi Arabia exports petrochemicals, plastics, metal goods, construction materials and electrical appliances to some 90 countries. Petrochemical and other oil-based industries are concentrated at industrial cities in major urban centers.

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 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 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.