ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Saudi Arabia is the world’s largest oil producer and accounts for roughly 15% of global output. Iraq has increased production since the end of the Iraq War and is now the second-largest producer in the Middle East.

Detailed explanation-2: -The 3 largest oil producers in the Middle East are Iran, Iraq and Saudi Arabia.

Detailed explanation-3: -It follows that as the greatest exporter based on value, Saudi Arabia is also one of the world’s largest oil producers. As of 2021, the Middle Eastern country and OPEC member state accounted for a 12.2 percent share of oil produced, second only to the United States.

Detailed explanation-4: -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-5: -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.