Saudi Arabia Economic Issue
Oil Sector and its Challenges
Saudi Arabia’s economy is oil driven where the oil revenues account for 45% of the gross domestic product and 90% of the export earnings (Ashwin, 2012). The nation is a major exporter of oil in the world market and thus in the past have experienced a big influence as a world player in the oil market (Ahmad, 2012). Its influence in the world market is sponsored by several factors such as a long-standing and complex oil industry, a very strong financial position, a wide and high-quality petroleum base in addition to strong geopolitical relationships. Its oil reserves have an approximate ...