Saudi Arabia is the world’s leading petroleum exporter. Oil accounts for more than 90 percent of exports and nearly 75 percent of government revenues. Oil has provided Saudi Arabia with economic prosperity and a great deal of leverage in the international community.
Saudi Arabia’s economy is Petroleum-based; roughly 75% of budget revenues and 90% of export earnings come from the oil industry. The oil industry comprises about 45% of Saudi Arabia’s gross domestic product, compared with 40% from the private sector.
Saudi Arabia officially has about 260 billion barrels (4.1×1010 m³) of oil reserves, comprising about 24% of the world’s proven total petroleum reserves.
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