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Saudi Kingdom is the world’s largest producer and exporter of oil. It was in the March of 1938 that first commercial oil well was discovered in the Dammam oilfield at a depth of 1,440 meters. By the early 1970s, Saudi Arabia had already become the top producer and exporter of oil in the world. Right now, the Kingdom possesses a quarter of the world’s known oil reserves equaling to more than 260 billion barrels.
Most of the oil reserves are found in the Eastern province of Saudi Arabia which includes the largest onshore field in Ghawar and the largest offshore field at Safaniya in the Arabian Gulf.
It is the sixth largest oil consumer in the world as it consumes quarter of its own production. Because it’s quite hot in the Kingdom, in summer 800, 000 barrels of oil are required on a daily basis for electricity generation. The economy of Saudi Arabia is almost wholly dependent upon oil exports. Currently Saudi Arabia is facing an oil crisis which though sounds pretty ridiculous but remains true. The recent slump in the price of crude oil and excessive spending of Saudi Government and masses has made the country face a very critical situation.
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