Saturday, March 17, 2012

The kingdom's crude oil


The crude oil is the backbone of international economy, According to Organization of the Petroleum Exporting Countries (OPEC) the world consumes 80.29 million billion barrel of oil per day. In the early 1930 U.S. geologist discovered oil in Saudi Arabia but the largest scale did not begin until after the Second World War, Since the discovery and exploitation of oil in the Saudi Arabia, The kingdom become major player of international world politics stage and the most influence in the middle east. The oil wealth has made possible rapid economic development. Saudi oil reserves are the largest in the world, and Saudi is the world’s leading oil producers and exporter and supplies about 40% of global crude oil consumption.
Oil accounts today for more than 90% of the countries and nearly 75% of government revenues. Here is the list of other top countries with largest oil reserves in the world.



1.    Saudi Arabia:
2.    Venezuela:
3.    Iran:
4.    Iraq:
5.    Kuwait:
6.    UAE:
7.    Libya:
8.    Nigeria:
9.    Qatar:


REFERENCES:
Organization of the Petroleum Exporting Countries (OPEC)
Saudi Arabia Minister of Petroleum and Mineral Resources




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