Saudi Arabia's economy comes down to just one word: oil. Petroleum makes up 80% of the kingdom's revenue and 90% of its total export earnings. That's unlikely to change soon; about 20% of the world's known petroleum reserves are in Saudi Arabia. The kingdom's per capita income is...
The future city, named “NEOM”, stems from Saudi Arabia’s Vision 2030 plan, a strategy created to reduce the country’s dependence on oil. NEOM, which will be located on the coast of the Red Sea, will span more than 10,000 square miles (26,500 square kilometers), extending across ...
Oil prices collapsed in 1986, as Saudi Arabia changed course in its approach to the oil market. Rather than drumming up prices as it had in the past, it increased production in an attempt to dominate its share of the global market. Oil prices were plummeting and gas prices dropped 27 cent...
The first stated that Saudi Arabia had increased crude oil production to 10.7 million barrels per day. The second link was more clear and stated that Saudi Arabia had increased production capacity to 10.7 million barrels per day. The latter figure was no real shocker since that is about the ...