What is the main source of economy of Saudi Arabia?
What is the main source of economy of Saudi Arabia?
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.
Does Saudi Arabia have an economy based on oil?
Oil is the main pillar of Saudi Arabia’s economy and the cornerstone of its development. According to the IMF’s latest data(1), oil receipts accounted for around 85\% of exports and almost 90\% of fiscal revenue, while the oil sector comprises over 40\% of overall GDP.
What does Saudi Arabia produce other than oil?
Saudi Arabia possesses around 17 per cent of the world’s proven petroleum reserves. The oil and gas sector accounts for about 50 per cent of gross domestic product, and about 70 per cent of export earnings. Apart from petroleum, the Kingdom’s other natural resources include natural gas, iron ore, gold, and copper.
Who owns the oil industries in Saudi Arabia?
Government of Saudi Arabia
Saudi Aramco
| Headquarters in Dhahran, Eastern Province, Saudi Arabia | |
|---|---|
| Net income | US$49.0 billion (2020) |
| Total assets | US$510.4 billion (2020) |
| Total equity | US$264.2 billion (2020) |
| Owner | Government of Saudi Arabia (98.5\%) |
How much revenue does Saudi Arabia generate yearly from oil?
Saudi Arabia accounted for the largest share of total OPEC earnings in 2019. EIA estimates earnings of $202 billion for Saudi Arabia, representing more than one-third of total OPEC oil revenues.
How can Saudi Arabia diversify its economy?
Diversifying Saudi Arabia’s Economy The government’s plans on achieving economic diversification are to increase foreign investment, increase the amount of small and medium businesses and create jobs by developing what the government is calling mega-projects.
What is the biggest oil company in the world?
Saudi Aramco
PetroChina and Sinopec Group lead the list of the world’s biggest oil and gas companies of 2020 with revenues between $270 billion and $280 billion, ahead of Saudi Aramco and BP.
How much money does Saudi Arabia make from oil?
Saudi oil industry In 2018, the Saudi Arabian oil and gas sector made up around 50 percent of the country’s GDP and 70 percent of its export income. The country’s oil industry alone makes up 17 percent of the world’s reserves.