"Economy of Saudi Arabia The Economy of Saudi Arabia is one of the top twenty economies in the world (G20). It is dependent on oil as the country has the second-largest proven petroleum reserves, and it’s the largest exporter of petroleum in the world. It also has the fifth-largest proven natural gas reserves and is considered an ""Energy Superpower"". With a total worth of US$34.4 trillion, Saudi Arabia has the second most valuable natural resources in the world. In 2016 the Saudi Government launched its Saudi Vision 2030 to reduce the country’s dependency on oil and diversify its economic resources."
"parameters, number of vehicles in the world competing for fuel, quantity of oil exported to the world market (Export Land Model), net energy gain (economically useful energy provided minus energy consumed), political stability of oil exporting nations and ability to defend oil supply lines.ci The top three oil producing countries are Russia, Saudi Arabia and the United States. In 2018, due in part to developments in hydraulic fracturing and horizonal drilling, the United States became the world's largest producer. About 80 percent of the world's readily accessible reserves are located in the Middle East, with 62.5 percent coming from the"
"the United States was the world's third-largest producer of crude oil, after Saudi Arabia and Russia. and second largest exporter of refined products, after Russia. As of March 2015, 85% of crude oil imports came from (in decreasing volume): Canada, Saudi Arabia, Mexico, Venezuela, and Colombia. Greater energy self-sufficiency, it was claimed, would prevent major supply disruptions like the 1973 oil crisis and the 1979 energy crisis from recurring. Proponents argue that the potential for political unrest in major oil suppliers, such as Saudi Arabia, Venezuela, and Nigeria, is abundant, and often causes great fluctuations in crude oil prices (especially"
"oil exporting countries subsidize domestic consumption below price levels defined by the world market. Given a hypothetical oil producing country (known by the model as an Export Land) that produces , consumes , and exports to oil consuming countries around the world, the model would be applied as such (illustrated in the graph above): Several real-world nations exhibit the characteristics of the Export Land Model as pictured in the image gallery above. These four nations exhibit increasing domestic consumption along with declining production. Indonesia has already shifted from oil exporter to oil importer while Egypt is hovering on the brink."
"per-capita basis, Norway is the world's largest producer of oil and natural gas outside the Middle East. Despite Norway maintaining its ranks among the 20 highest EPI countries, achieving a score of 86.9% and rank of 17th out of the 180 analysed in 2016, it is one of the world's largest oil exporter and has the largest sovereign fund of any country. In 2015, Norway produced 53.9 million tonnes of greenhouse gases (GHGs) noted as carbon dioxide emissions - 15.1 million tonnes were attributed to oil and gas extraction - accounting for the largest proportion of emissions than the other"
"is particularly well-endowed with this strategic raw material: five Persian Gulf states, Saudi Arabia, Iraq, the UAE, Kuwait, and Qatar, are among the top ten petroleum or gas exporters worldwide. In Africa, Algeria (10th world) and Libya are important gas exporters. In addition Bahrain, Egypt, Tunisia, and Sudan all have smaller but significant reserves. Where present, these have had significant effects on regional politics, often enabling rentier states, leading to economic disparities between oil-rich and oil-poor countries, and, particularly in the more sparsely populated states of the Persian Gulf and Libya, triggering extensive labor immigration. It is believed that the"
"Africa, which has preferential trade agreements with Europe. The sub-Saharan oil producers include by global rank and Mbpd: Nigeria (13th; 2.35Mbpd), Angola (16th; 1.91Mbpd), Sudan (31st; .47Mbpd). Guinea (33rd), Congo (38th), and Chad (45th) also have notable oil output. In 2005, 35% of exported African oil went to the EU, 32% to the US, 10% to China, while 1% of African gas goes to other parts of Asia. North African preferentially exporting its oil to western countries : EU 64%; US 18%; all others 18%. 60% of African wood goes to China, where it is manufactured, and then sell across"
"to China. Venezuela has been producing oil for nearly a century and was an OPEC founder-member. In 2005, Venezuela produced 162 million tons of oil, which is 4.1% of world's total production. By the oil production Venezuela ranks seventh in the world. Venezuela is the world's eight oil exporter and fifth largest net exporter. In 2012, 11 percent of US oil imports came from Venezuela. Since 2010, when the heavy oil from the Orinoco Belt was considered to be economically recoverable, Venezuela has had the largest proved reserves of petroleum in the world, about 298 billion barrels. Oil accounts for"
"in the United States, but is responsible for only 2% of electricity generation. Petroleum's worth as a portable, dense energy source powering the vast majority of vehicles and as the base of many industrial chemicals makes it one of the world's most important commodities. The top three oil producing countries are Saudi Arabia, Russia, and the United States. About 80% of the world's readily accessible reserves are located in the Middle East, with 62.5% coming from the Arab 5: Saudi Arabia (12.5%), UAE, Iraq, Qatar and Kuwait. However, with high oil prices (above $100/barrel), Venezuela has larger reserves than Saudi"
"History of the Venezuelan oil industry Venezuela is one of the world's largest exporters of oil and has the world's largest proven oil reserves at an estimated 296.5 billion barrels (20% of global reserves) as of 2012. In 2008, crude oil production in Venezuela was the tenth-highest in the world at and the country was also the eighth-largest net oil exporter in the world. Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC). The Indigenous peoples in Venezuela, like many ancient societies already utilized crude oils and asphalts from petroleum seeps, which ooze through the"
"holds about 4 billion tons of proven recoverable oil reserves and 2,000 cubic kilometers (480 cu mi) of gas. Kazakhstan is the world's 17th largest oil exporter and the world's 23rd largest natural gas exporter. Russia has the world's largest natural gas reserves, the 8th largest oil reserves, and the second largest coal reserves. Russia is also the world's leading natural gas exporter and the second largest natural gas producer, while also the largest oil exporter and the largest oil producer. By 2019, Russia, Kazakhstan, Belarus and Armenia intend to create a common electricity market as well as a single"
"largest petroleum producer and exporter. In 2011 it pumped about of petroleum. While most of this is exported, domestic use is rapidly increasing, primarily for electricity production. Saudi Arabia also has the largest, or one of the largest, proven crude oil reserves (i.e. oil that is economically recoverable) in the world (18% of global reserves, over ). Saudi Arabia, has one of the largest reserves of natural gas in the Persian Gulf. Proven natural gas reserves are over . Global production in 2009 reached of oil and of natural gas. but due to its sizeable domestic gas markets, is ""unlikely"
"major oil producer in the world accounting for 12.9% of the global production. Saudi Arabia produces over of oil, exporting . The government is investing over $71 Billion to increase oil production to near by 2009 and up to by 2015. This may be attributed to the report that of excess capacity are needed to compensate for a natural decline in availability. The future of Saudi Arabian oil is complicated by the fact that the major Saudi oil fields are extremely old and have been producing oil for decades. Corrosion is becoming a large problem in addition to many other"
"Yemen (13.4%), Sudan (16.4%), Saudi Arabia (2.9%), and Italy (3%). Libya is a member of OPEC. In 2007, Libya was the world's 10th largest oil exporter, with 73 Mt in oil exports. As of 2009, Europe's share of Libya's oil exports was 78%. Domestically, the primary energy use in Libya was 237 TWh and 37 TWh per million persons. The National Oil Corporation is the state oil company of Libya. The biggest oil producers in Libya are Eni, an Italian company, and Repsol YPF, a Spanish one. Other major producers in the country include BASF, Petrobras, Gazprom, Exxon Mobil, Pertamina,"
"of Japan's oil is imported) is 85% correlated with crude prices. As long as oil exports remain a strong component of Canada’s exports, oil prices will influence the value of the Canadian dollar. If the share of oil and gas exports increases further, the link between oil prices and the exchange rate may become even stronger. As the world's dominant reserve currency the United States dollar has been a major currency for trading oil (sometimes the term 'Petrodollar' is mistakenly used to refer to this concept). In August 2018, Venezuela joined the group of countries that allow their oil to"
"oil sector. Efforts are underway to reverse these troubles. A new entity, the Niger Delta Development Commission (NDDC), has been created to help catalyze economic and social development in the region. The U.S. remains Nigeria's largest buyer of crude oil, accounting for 40% of the country's total oil exports; Nigeria provides about 10% of overall U.S. oil imports and ranks as the fifth-largest source for U.S. imported oil. The United Kingdom is Nigeria's largest trading partner followed by the United States. Although the trade balance overwhelmingly favors Nigeria, thanks to oil exports, a large portion of U.S. exports to Nigeria"
"continent."" African oil takes growing importance, mainly after the 2015 oil crisis and recent oil reserves discoveries. Sudan and Nigeria are two of the main oil producers. China owns 40% of Congo's oil production. Oil is provided by both continental and offshore productions. Sudan's oil exports in 2010 are estimated by the United States Department of State at $9 billion with United States dollars. Five countries dominate Africa's upstream oil production. Together they account for 85% of the continent's oil production and are, in order of decreasing output, Nigeria, Libya, Algeria, Egypt and Angola. Other oil producing countries are Gabon,"
"Malaysia and Mexico also have the hallmarks of the Export Land Model. Within 5 years, Mexico (the second biggest exporter of oil to the US) may become a net oil importer. Other nations where this may soon happen include Iran, Algeria and Malaysia. A recent report from CIBC World Markets also indicates that as much as 40% of Saudi Arabia's expected production increases will be offset by rising internal demand by 2010, and Iranian exports will decline by more than 50% for similar reasons. This report indicates that similar market pressures could reduce net worldwide oil exports by (about 3%)."
"are unavailable to most Nigerians and are quite costly, because almost all of the oil extracted by the multinational oil companies is refined overseas, while only a limited quantity is supplied to Nigerians themselves. Nigeria is Africa’s largest oil producer and has been a member of the Organization of Petroleum Exporting Countries since 1971. The Nigerian economy is heavily dependent on the oil sector, which, accounts for over 95 percent of export earnings and about 40 percent of government revenues, according to the International Monetary Fund. According to the International Energy Agency, Nigeria produced about per day, well below its"
"neighboring countries pay more than a dollar per liter which makes oil smuggling a profitable business for smugglers. Every year in Iran, over 1.8 billion liters of refined oil products are smuggled to neighboring countries. These countries include Afghanistan, Iraq, Pakistan and Turkey. According to state owned news network Press TV, Iran currently produces 230 million liters of the four main fuels-gasoline, diesel, kerosene and furnace oil, every day; 40 million liters of this production (17%) is smuggled out of the country daily. Iran has one of the highest execution rates (second only to China). Adultery and homosexual sex are"
"in Venezuela, malnourished oil workers were too weak to perform their daily tasks, with many beginning to collapse on the job. History of the Venezuelan oil industry Venezuela is one of the world's largest exporters of oil and has the world's largest proven oil reserves at an estimated 296.5 billion barrels (20% of global reserves) as of 2012. In 2008, crude oil production in Venezuela was the tenth-highest in the world at and the country was also the eighth-largest net oil exporter in the world. Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC). The"
"Petroleum industry in Mexico The petroleum industry in Mexico makes Mexico the eleventh largest producer of oil in the world and the thirteenth largest in terms of net exports. Mexico has the seventeenth largest oil reserves in the world, and it is the fourth largest oil producer in the Western Hemisphere behind the United States, Canada and Venezuela. Mexico is not a member of the OPEC (the Organization of Petroleum Exporting Countries) or any petroleum production related organizations, but since 1994 it is a member of the North American Free Trade Agreement. The petroleum sector is crucial to the Mexican"
"fifth-largest oil exporter and third-largest gas exporter in the world, but it is not a member of OPEC. In 1995, the Norwegian government established the sovereign wealth fund (""Government Pension Fund – Global""), which would be funded with oil revenues, including taxes, dividends, sales revenues and licensing fees. This was intended to reduce overheating in the economy from oil revenues, minimise uncertainty from volatility in oil price, and provide a cushion to compensate for expenses associated with the ageing of the population. The government controls its petroleum resources through a combination of state ownership in major operators in the oil"
"Saudi Arabia's total oil production capacity. Saudi Arabia ranks as the largest exporter of petroleum, and plays a leading role in OPEC, its decisions to raise or cut production almost immediately impact world oil prices. It is perhaps the best example of a contemporary energy superpower, in terms of having power and influence on the global stage (due to its energy reserves and production of not just oil, but natural gas as well). Saudi Arabia is often referred to as the world's only ""oil superpower"". In 1998, about 40% of the energy consumed by the United States came from oil."
"In 1953 the US and GB arranged the arrest of the Prime Minister Mosaddeq. Iran exports oil to China and Russia. ""See also: Iranian Oil Subsidies"" Iraq holds the world's second-largest proven oil reserves, with increasing exploration expected to enlarge them beyond of ""high-grade crude, extraordinarily cheap to produce."" Organizations such as the Global Policy Forum (GPF) have asserted that Iraq's oil is ""the central feature of the political landscape"" there, and that as a result of the 2003 invasion,""'friendly' companies expect to gain most of the lucrative oil deals that will be worth hundreds of billions of dollars in"
"based on its petroleum and natural gas industries, which began in 1940. Qatar is the leading exporter of liquefied natural gas. In 2012, it was estimated that Qatar would invest over $120 billion in the energy sector in the next ten years. The country is a member state of Organization of Petroleum Exporting Countries (OPEC), having joined in 1961. In 2012, Qatar retained its title of richest country in the world (according to per capita income) for the third time in a row, having first overtaken Luxembourg in 2010. According to the study published by the Washington-based Institute of International"
"and exporting nations. In a 2004 reassessment of global resources, the United States' EIA put Canadian oil reserves second; only Saudi Arabia has greater proved reserves. In 2014, the EIA now ranks Canada as third in World Oil Reserves at around 175 billion barrels, while Saudi Arabia is 2nd with around 268 billion barrels and Venezuela is ranked first with around 297 billion barrels of reserves. Many stories surrounding the petroleum industry's early development are colourful. The gathering oilpatch involved rugged adventurers, the occasional fraud, important innovations and, in the end, world-class success. Canadian petroleum production is now a vital"
"oil prices, not only in the west, but in Asian countries such as Japan, India and South Korea. All three countries collectively account for 42% of Iranian oil exports – Japan 17%, South Korea 9%, and India 16%. China is another importer of Iranian oil, of which it accounts for 20% of Iran's oil exports. In addition, the oil exports from countries in the Persian Gulf such as Saudi Arabia, United Arab Emirates, Kuwait and Iraq would be hampered as a supply channel would be cut off if the Strait was closed or hindered. A number of countries dispatched warships"
"now the world's third-largest oil producer behind Saudi Arabia and Russia, will see such an increase in oil from shales that the US will become the world's top oil producer by 2020. In 2011 the US became the world's leading producer of natural gas when it outproduced Russia. In October 2013, the US Energy Information Administration projected that the US had surpassed Russia and Saudi Arabia to become the world's leading producer of combined oil and natural gas hydrocarbons. Globally, gas use is expected to rise by more than 50% compared to 2010 levels, and account for over 25% of"
"Petroleum industry in Canada Petroleum production in Canada is a major industry which is important to the economy of North America. Canada has the third largest oil reserves in the world and is the world's fifth largest oil producer and fourth largest oil exporter. In 2015 it produced an average of of crude oil and equivalent. Of that amount, 61% was upgraded and non-upgraded bitumen from oil sands, and the remainder light crude oil, heavy crude oil and natural-gas condensate. Most of Canadian petroleum production is exported, approximately in 2015, with almost all of the exports going to the United"
"of companies with the highest level of CO2 emissions globally with in 2013, amounting to more than 3.1% of worldwide anthropogenic emissions. National Iranian Oil Company The National Iranian Oil Company (NIOC; ""Sherkat-e Melli-ye Naft-e Īrān""), a government-owned corporation under the direction of the Ministry of Petroleum of Iran, is a national oil and natural gas producer and distributor headquartered in Tehran. It was established in 1948. NIOC ranks as the world's second largest oil company, after Saudi Arabia's state-owned Aramco. The NIOC is exclusively responsible for the exploration, drilling, production, distribution and export of crude oil, as well as"
"of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry."" The organization is also a significant provider of information about the international oil market. Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the Republic of the Congo, Saudi Arabia (the de facto leader), United Arab Emirates, and Venezuela. Indonesia is a former member, and Qatar will no longer be a member of OPEC"
"the main driver behind the observed hike in corn prices affecting food supply. The United States and Brazil lead the industrial world in global ethanol production, with Brazil as the world's largest exporter and biofuel industry leader. In 2006 the U.S. produced 18.4 billion liters (4.86 billion gallons), closely followed by Brazil with 16.3 billion liters (4.3 billion gallons), producing together 70% of the world's ethanol market and nearly 90% of ethanol used as fuel. These countries are followed by China with 7.5%, and India with 3.7% of the global market share. Since 2007, the concerns, criticisms and controversy surrounding"