Vladimir Khomutko

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The volume of oil production of the leading countries

The countries of the world, rich in oil and having significant reserves of this mineral, have a strong influence on world economy, since oil producers around the world depend on regular supplies of hydrocarbons, without which it is impossible to exist modern economy. World oil refining and chemical production absorb truly colossal volumes of raw materials, and therefore the world's gas is colossal.

The extraction of oil and natural gas for their subsequent export in many countries of the world brings the lion's share budget revenues, in connection with which the oil and gas industry are the leading sectors of their economies.

In one day, about a hundred million barrels of "black gold" are produced in the world. The top three largest oil powers are the Russian Federation, Saudi Arabia and the United States of America. It is these three countries that supply 30 percent of all traded oil.

Volume of oil production by countries of the world

And in what other countries of the world are they engaged in such production, and how much oil do they supply to the market? Below we will consider the leading countries in oil production, starting from tenth place and up to the top three.

10th place. Venezuela

The daily volume of oil production in this country is 2.5 million barrels, which allows it to open the world TOP-10 in this area.

The Venezuelan economy is heavily dependent on hydrocarbon sales. Suffice it to say that 96% of exports are accounted for by this mineral. Venezuelan raw materials in the total volume of oil supplied to the market occupy 3.65% of it. But if we talk about the reserves of this energy resource, then here Venezuela is in first place in the world. According to experts, their level is about 46 billion tons.

9th place. United Arab Emirates

The UAE, which produces 2.7 million barrels per day, rightfully occupy this place of honor. The share of deliveries of hydrocarbon raw materials to the world markets is 3.81%.

The main deposits are located on the territory of the emirate of Abu Dhabi (about 95%), the remaining 5% are located in the emirates of Sharjah and Dubai. The total number of natural reserves of the UAE is estimated at 13 billion tons. The main importers of this mineral from the UAE are India, Thailand, Japan, Korea, China and Singapore.

8th. Kuwait

The level of daily production of 2.8 million barrels.

bring Kuwait to eighth place in the TOP-10 largest miners. Unused liquid natural hydrocarbons in Kuwait account for 9% of the world's and are estimated by experts at 14 billion tons of "black gold".

In the oil market, Kuwait occupies 3.90%.

Kuwait's largest field is the Big Burgan, which accounts for half of all extracted raw materials. Another 50% is taken from such Kuwaiti deposits as Umm Gudair and Minagish, located in the south of Kuwait, and Sabriyah and Raudkhaiten, belonging to the northern part of Kuwait. Kuwait's main exports are to Morocco, Jordan, Syria, China and the United Arab Emirates.

7th. Iraq

The daily volume of oil produced in Iraq is 3 million barrels, which allows it to occupy a prominent place among the main producers of this raw material in the world.

Despite the difficult political situation, Iraq is gradually increasing the production of this raw material, since its economy is highly dependent on its exports. Revenue part 90% of the Iraqi budget consists of proceeds from oil exports.

In the world of Iraqi hydrocarbons - approximately 4.24%.

The total reserve of untapped resources is 20 billion tons.

6th place. Iran

It delivers over three million barrels daily.

This is a Middle Eastern country - a major oil power, which has huge reserves of this useful energy resource. The main part of hydrocarbons is extracted here from fields located in the Persian Gulf basin. According to experts, already discovered Iranian deposits will last for almost ninety years, since their level is estimated at 21 billion tons. This is the third indicator in the world.

Percentage of Iran in the market of this energy resource is 4.25%.

The main importers are Japan, China, India, South Korea and Turkey. Iran's export earnings are half of the proceeds from the sale of "black gold".

5th place. Canada

It also supplies more than three million barrels per day.

Canada opens the top five exporters of this product. The largest deposit of this mineral in Canada is located in the province of Alberta. Recently, Canada has become the largest supplier of hydrocarbon raw materials for its neighbors - the United States. More than 90% of Canadian crude hydrocarbons are exported here.

Canada holds 4.54% of the oil market.

It has huge reserves of this mineral, which are estimated at about 28 billion tons. According to this indicator, Canada is in the top three among the whole world.

4th. China

The daily volume of oil, equal to 4 million barrels, rightfully brings the People's Republic of China to the fourth place in the ranking of oil production.

Chinese "black gold" in the world - 5.71%.

The population of China is huge, so China is not only one of the leading exporters, but also one of the leaders in the consumption of this energy resource. The amount of explored Chinese hydrocarbons is relatively small - 2.5 billion tons. One of the main exporters of "black gold" for China is Russia.

Third place - United States of America

Opens the "big three" of the main producers of this product in the United States - 9 million barrels. daily, 11.80% of global production.

The US is not only the leading exporter, but also the world's largest importer of hydrocarbons and petroleum products. The main deposits are concentrated in three US states - Texas, Alaska and California. In case of all sorts of unforeseen circumstances, the United States holds the world's largest strategic reserve of already produced hydrocarbons.

Second place. Saudi Arabia

10 million barrels is the daily volume of oil received in this country.

Saudi Arabia has long and rightfully been among the leaders in the extraction of hydrocarbon raw materials, on which its entire economy rests. The main export regions are the USA and East Asia. The share of export revenues from the sale of hydrocarbons in the total amount of such revenues in this state is approximately 90 percent. All fields in Saudi Arabia are developed by national company Saudi Aramco.

Supplied liquid hydrocarbons from Saudi Arabia in the global market - 13.23%.

Explored resources are estimated at 36.7 billion tons.

And finally, the leader of the rating is Russia

Daily production - more than 10 million barrels.

Sure first place. Russia has long been considered one of the richest in the world, not only in terms of the amount of "black gold", but also a real pantry of other types of minerals - coal, non-ferrous metals, natural gas, and so on. The total volume of explored Russian hydrocarbons- more than 14 billion tons.

Percent Russian Federation in the total amount of extracted "black gold" is 13.92 percent.

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Today, the main source of energy on the planet is oil. Oil production statistics is approximately 4.4 billion tons - 32.9% of all consumed energy resources. According to forecasts, at current rates, reserves from already explored oil fields will last only until 2025.

Production of liquid hydrocarbons in the Russian Federation

If oil production declines or new oil fields, perhaps, this period will stretch for several centuries. However, for the scale of the earth, this is very small. In a short time, mankind is wasting the reserves of minerals that nature has accumulated for hundreds of millions of years. In 2016, the volume of oil production in Russia reached 547.6 million tons. The figure is 2.5% higher than last year, and the share was 46.5% of this volume - 254.8 million tons.

At the end of 2016, the export price per ton was $339.1. Starting from the end of the 90s, the statistics of oil production in Russia showed a constant increase in its volumes over the years. Although prices have changed unevenly over 10 years. The fall in quotations for black gold in 2014 showed the inadmissibility of the country's excessive dependence on world prices for hydrocarbons.

Today, Russia owns a significant share of the world's oil production. AT organizational structure more than 300 companies operate in production. In terms of oil production, Russia is the largest producer of black gold. Abroad, Saudi Arabia, which is a member of OPEC and has huge mineral reserves, is traditionally considered the leader.

In the countries of the Persian Gulf - foreign companies Geological exploration and extraction of raw materials are mainly carried out on mutually beneficial terms.

Leading countries in oil production:

The statistics of countries on oil production do not always allow us to identify an exceptional leader. This is due to some factors:

• equal volumes of obtaining raw materials;
• lack of reliable information on real production volumes;
• the difference in methods for determining the volume of extracted raw materials used by analytical agencies.

According to the statistics of oil production in the United States, the country was in the lead in 2014, overtaking Saudi Arabia and the Russian Federation in terms of volume. State oil industry in North America it is customary to estimate informally by the number of operating drilling rigs. After the fall, their number began to decline sharply. However, since last year their number has been increasing and at the beginning of June 2017 it reached 747 units.

Production cost

Today, the leaders in oil production are a list of ten countries that supply the market with more than 69% of the total. In the first place is Russia and Saudi Arabia. An important criterion for assessing profitability is the cost of oil production:

• Saudi Arabia has the lowest rate - $4 per barrel and Iran - $5 per barrel;
• in Russia, in proven fields, the cost of oil production is low - $ 6 per barrel. However, on new deposits, it increases to 16;
• US shale oil is the most expensive to obtain. However, thanks to the improvement of technologies, the price of oil production in the country has decreased five times over 4 years - from $100 per barrel in 2012 to $20 in 2016.

Increase in volumes

From January to October 2016, Russia produced 454.12 million tons of oil and gas condensate, which is 2.2% more than last year. Of these, 1/3 fell on Rosneft. Oil production is reflected without taking into account the acquired Bashneft - 167.09 million tons. During this period, exports also increased by 4.6%, while the supply of raw materials to processing plants decreased by 1.6%.

Oil production statistics for October 2016 showed an excess of 11.2 million barrels on the average daily volume of raw materials produced, which happened for the first time since the 90s. This confirmed the oil production forecast published by Goldman Sachs experts. According to him:

• production per day will increase in 2017 to a level of 11.41 million tons;
• in 2018 - up to 11.65, which will exceed the highest figure for the period from 1985 to 2015.

According to the November agreement between the OPEC countries and 11 other producers, world oil production was to decrease in order to stabilize prices for hydrocarbon raw materials and equalize the dynamics of supply and demand. In January-June 2017, it should have decreased by 1.2 million barrels per day. Russia has pledged to reduce average daily volumes by 300,000 barrels.

Problems with oil production are associated with colossal material costs. For example, oil production in Canada is characterized by 50% oil sands open pit mining.

used in the Russian Federation different kinds oil production at the fields of heavy over-viscous raw materials in the Komi Republic. The results indicate the need to improve technologies.

New sources of raw materials

More than 200 thousand tons of heavy raw materials have already been received at the Ashalchinskoye field. Oil production in Tatarstan is actively moving forward in two directions:

• increasing the profitability of old wells;
• increasing the production of super-viscous hydrocarbons, the reserves of which are expected to be from 1.5 to 7 billion tons.

LUKOIL has recently acquired a new deposit with heavy raw materials. Oil will be extracted from Mexican deposits. The level of production of liquid hydrocarbons is adversely affected by internal and external factors, significantly reducing income from oil production:

• falling prices for raw materials;
• sanctions against the country;
• decrease in the quality of extracted raw materials;
• decline in production volumes;
• lack of improvement in oil production technologies, and existing tax on oil production is not conducive to stimulating the process.

Development of the Arctic

The shelf of the Arctic seas has been studied very little. Available geological data point to great prospects for oil production in the Arctic. However, huge drilling costs will be required.

Today, the only operating field on the Arctic shelf is the Prirazlomnoye field, owned by subsidiary Gazprom. Oil production on it started in 2014. In 2016, it produced 2.154 million tons.

It is predicted that by the middle of the century up to 1/3 of oil production in the Russian Federation will come from the Arctic. According to oil production statistics, the three Arctic regions in 2016 produced a total of 57.6 million tons. The increase was 17% compared to the previous year.

Main oil-bearing regions

The main oil-producing region, as shown by the oil production map, is western Siberia. Up to 65% of liquid raw materials are mined here. A little more than one third is mined in the European part. Before the discovery of Siberian deposits, the richest oil production sites were in the Volga region. The oldest on the map of explored oil-bearing regions since the last century was the North Caucasus - Chechnya, Adygea.

Markets

According to oil production statistics, the bulk of Russian raw materials (about 90%) are purchased by European countries, including Ukraine. Oil production in Europe has led to the depletion of their own energy resources, so they need a stable supply of imported raw materials.

Previously, Norway was the largest oil producer. Its supplies covered up to 20% of Europe's needs. However, oil production in Norway decreased by 9.5% in August last year compared to July of the same year, which indicates the depletion of raw materials.

Oil production statistics show a gradual increase in the supply of raw materials to the countries of the Asia-Pacific region, among which China occupies the main place. Since the beginning of 2016, oil production in China began to decline - in the first seven months it fell by 5.1%. Analysts predicted a further decline due to the depletion of old deposits and a reduction in investment in exploration. Since 2011, deliveries to China through the new pipeline have already amounted to more than 100 million tons.

Growing oil production in Kazakhstan. By 2020, the country plans to enter the top ten world leaders in the export of black gold with an annual production of 130 million tons. Azerbaijan is expected to reduce the volume of extracted raw materials in 2017 by 14 million barrels compared to 2016.

Rating of producing countries

The annual oil production statistics for 2016 show record volumes of production, despite the fulfillment by Russia of its obligations to reduce them. On average, they amounted to 10,111.7 thousand barrels per day. World oil production in barrels reaches 84951 thousand - of which 14.05% falls on the share of the Russian Federation.

Saudi Arabia today produces 13% of the world's black gold production. Therefore, the place of Russia in terms of oil production is in the first line of the rating for 2016. The second is occupied by the Saudis, and the third belongs to the United States with 12% of global volumes. 4th and 5th places are shared by China and Canada - together they provide 10% of the total production. The rate of production in Iran is growing - today it accounts for 3%.

As can be seen, the agreement reached in November 2016 by the largest producers of energy raw materials has brought certain results. This is confirmed by the statistics of oil production. Due to the growth of quotes Russian budget will receive an additional $ 7 billion for the six months of 2017. Experts believe that if there were no agreements with OPEC, oil production in tons would increase to 552.5 million tons. But it will still grow until 2020.

Despite the development of alternative forms of energy, petroleum products remain the most important resource on the planet. Hydrocarbon raw materials are used for the manufacture of motor and turbine fuels, lubricants, solvents, plastics, dyes, additives and other products.

Oil production and processing are carried out by countries on all continents. Exploration activities have shown where the most hydrocarbon-rich deposits are located. Let's talk about extracting valuable raw materials from the bowels and present the rating of countries by oil production.

Features of oil production in different countries

Extraction of black gold is a technologically complex process. To do this, it is necessary to explore the field, drill a well and build everything that is necessary for long-term production. There are at least three ways to extract oil products from the bowels:

• artificial lifting by means of gas lift;
• fountain method based on pressure difference;
• using pumping equipment.

For a number of deposits, it is typical high pressure, thanks to which it is easy to raise hydrocarbons. As a rule, natural pressure allows to produce up to 15% of the well volume. This is how the well is developed by the primary method. When natural forces can no longer bring hydrocarbons to the surface, a secondary method is used. It consists in pumping gas or water into the well, under the pressure of which the oil gets out.

Sample of produced oil

A huge role in the mobility of raw materials is played by its viscosity. The lower it is, the easier the extraction process. In the case of high viscosity, a tertiary method is used, which consists in heating the resource or introducing surfactants.

The use of the latter method is the most expensive, so experts calculate the profitability of oil production before starting work. These methods are used only when the others have been exhausted completely.

Let's consider the leaders of the hydrocarbon raw materials market, evaluate the data on the cost of oil production by country.

Ranking of countries by oil production volumes

Despite the fact that in some countries the deposits are empty, this raw material continues to play a leading role in influencing global economy. We present the top 10 countries in terms of oil production, we will talk about the features of their economy, the cost of raw materials at the output and the impact of production on world processes.

In leading countries, the cost of raw materials extracted from the subsoil can vary significantly. The difference of $4-5 per barrel of oil is considered significant because:

• at a high cost, income from profits falls;
• how less amount costs, the easier it is to extract in technological terms.

Everyone who follows the news has heard of shale oil at least once. This is a good case in point, as exploration costs are, on average, 3 times higher for exploration companies than conventional commodities.

The export of shale hydrocarbons is not profitable if the average price per barrel is below 70-80 US dollars. We present a list of countries by oil production in the world.

10th place - Venezuela

The economy of this country is built on the extraction of black gold. In addition to income from oil exports, there is also a clear disadvantage in this: 95% of income from external sales caused global crisis when commodity prices fall. It is noted that the inflation process was not stopped by the government, and today it amounted to 1,300,000%. The results are disappointing:

• citizens' incomes have fallen;
• a political crisis arose;
• imported goods were in short supply, there was a threat of famine.

Hyperinflation rates in Venezuela

Problems have arisen in a country where the cost of hydrocarbon production is $30-45. Work is underway in the Orinoco Basin, where heavy bituminous oil is concentrated. Venezuela is a member of OPEC, the organization controls almost 2/3 of the reserves of raw materials.

The country has the largest deposits of black gold in the world (about 300 billion barrels), producing only 124.1 million tons per year.

9th place - Kuwait

A small Asian state is a member of OPEC, has 9% of the world's black gold reserves. Due to the fact that the countries of the Persian Gulf, including Kuwait, have a small population, they do not feel an acute crisis when hydrocarbon prices fall.

Main oil fields:

• Big Burgan;
• Rumaila (shared with Iraq);
• Raudatetain;
• Safania Khafji (shared with Saudi Arabia).

Oil refinery in Kuwait

The country's annual production level is 152.7 tons.

8th place - United Arab Emirates

The discovery of light hydrocarbons in the UAE has turned the country from the least developed to the most prosperous in two decades. The Arabs relied not only on the extraction of raw materials, but also on its processing, foreign trade, development of ports. The crisis of 2014 with the fall in the cost per barrel had almost no effect on the country with a population of 5.5 million people.

UAE cities were built with funds received from the sale of black gold

Most of the reserves are concentrated in the Abu Dhabi region. The cost of 1 barrel is $4-5. The UAE annually extracts 182.4 million tons, occupying one of the leading places in oil production.

7th place - People's Republic of China

China discovered reserves of black gold at the beginning of the 20th century, starting mining in a primitive way. Despite the fact that work in the 80s was carried out at an active pace, in 1993 the PRC began to import raw materials and products from it.

Circled in yellow is the location of China's largest oil field

China is the owner of the world's largest strategic hydrocarbon reserves. The main volumes are concentrated in the east of the country in the foothills of the Tien Shan. China extracts 199.7 tons per year, no official data on the cost of the work has been provided.

6th place - Canada

The main importer of Canadian crude oil is its neighbor, the United States. Canada is the largest owner of proven black gold reserves. In this ranking, it ranks second after Venezuela with 178.9 billion barrels.

The cost of production is $16-20, they are carried out in the sands of Alberta, where the oil is heavy, bituminous. This is the reason for the high cost. In order to raise the oily mixture to the surface, apply a large number of fresh water. Light raw materials from the province of Labrador and Newfoundland have been produced by almost half by 2018.

Aerial view of drilling sites and roads to them in Alberta

Estimated volume of extracted black gold is 216 million tons per year.

5th place - Iran

Iran is one of largest exporters OPEC oil. Works in this country remain profitable even with extremely low prices on raw materials, since the cost does not exceed $6.

Despite US sanctions pressure, it is the largest economy in the Middle East. Iran receives only 45% of its income from oil exports, extracting 218 million tons from the bowels annually.

4th place - Iraq

The oil and gas basin of the Persian Gulf could make Iraq one of the richest countries peace. This was hampered by the policy of the authorities, the war in Iraq and the subsequent expansion by terrorist groups that controlled the oil fields for a long time.

refinery in Iraq

The largest deposit is Er Rumaila, according to geological exploration, the volume of reserves is almost 5.2 billion tons. Returned to government control today largest pools, Iraq is pursuing an active policy on the world oil market, either reducing work or increasing it. The official data on the extraction of reserves is 218.9 tons.

3rd place - USA

The largest black gold deposit in the United States is located in Alaska and is called Prudhoe Bay (volume - 3.5 billion tons). As the world's largest economy, the country is almost independent of world energy prices. The country is a leader in the production of paper, cars, aircraft, helicopters.

A number of companies in the country are experiencing difficulties in connection with the fall in oil prices, as they are exploring for shale oil. This product was formed in the layers of the earth's crust as a result of decay of plant and animal remains. Extraction is a complex process based on hydraulic fracturing. The main reasons for the high cost:

• technical complexity;
• irreparable environmental damage;
• fluctuations in the values ​​of raw materials in adjacent wells;
• subsequent costly processing.

The main regions of production of shale oil in the United States

The price of works is estimated at $40-60. Developed industries allow the country to import raw materials from Canada, process them and export them finished products around the world.

2nd place - Russian Federation

The extractive industry accounts for 9.1% of the Russian economy. It is consistently among the leading countries in oil production. The largest deposit in Russia is Samotlor in the Khanty-Mansi Autonomous Okrug (6.2 billion tons). General stocks- 80 billion barrels.

Production at the Samotlor field

According to IMF estimates, the profitability of the Russian economy from the extracted part of the oil does not exceed 40%. The country is trying to rebuild the economy so that it does not depend on the price of petroleum products. However, today it lags far behind in the pace of industrial development and the availability of machine tools. The annual production rate is 554.3 million tons. The cost varies from $6 to $30.

1st place - Saudi Arabia

Saudi Arabia occupies the first place in oil production, annually extracting 585.7 million tons from the bowels. It is also the owner of its huge deposits, estimated at 268,300,000,000 barrels. It is noteworthy that the reliability of the information was refuted by WikiLeaks.

Saudi Arabia is the world's leading oil producer

The country's strong dependence on the price of petroleum products caused a serious crisis in the late 1990s. Saudi Arabia is the main player in OPEC, which from time to time tries to negotiate with Russia to reduce the rate of production of raw materials.

Control over the fields is held by the country's main oil market company, Saudi Aramco.

So, according to a very well-known and influential source called BP Statistical review of world energy in 2012, the list of countries with the largest volumes of oil production was as follows.

Fifth place. Iraq - 885,600 barrels per year.

Iraq today is a country that can boast second largest reserves black gold worldwide (112 billion barrels). Two Iraqi state-owned companies - North Oil Company (aka NOC), as well as South Oil Company (aka SOC) have been granted the right to develop oil fields. The companies are subordinate to the Ministry of Oil.

State revenues from the export of black gold as of August 1, 2009, according to experts, amounted to 20 billion . Oil exports 98% income to the state budget. Iraq Reaches $82.150 Billion USA, GDP per capita Iraq is $3600 .

The main "buyers" of Iraqi oil today are:

• India,
• Italy,
• South Korea,
• Taiwan,
• Netherlands
• and Japan.

Fourth place. Bolivarian Republic of Venezuela - 889560 barrels per year.

The entire economy of Venezuela is based primarily on oil production. Last gives the country 80% all export earnings. This indicator accounts for more than 50% of the state budget revenue and approximately 30% of GDP.

Venezuelan GDP reached the $ mark in 2008 334.726 billion, and in 2013 it grew slightly and became $344 billion. GDP per capita is 12.8 thousand dollars. The most popular companies are Petróleos de Venezuela, Sociedad Anonima (PDVSA) - a state-owned company, San Roque, Puerto Cabelo, Puerto de la Cruz, El Palito and Anzoatequi are also known.

Third place. Kuwait - 902880 barrels per year.

The history of Kuwait goes back to the 17th century. But the country became free and independent of British influence only in 1961. Along with independence, the country also acquired a huge number of problems. Their reason is rooted in the fact that the country has become too rich: in the 70-80s, exports turned the state into one of the richest in the world and raised the standard of living. In the 90s, Saddam Hussein occupied the emirate, then it was announced that the country was part of Iraq. The difficult political situation has caused interruptions in supplies to importers.

The Iraqi occupation over time almost completely ruined the state, destroyed its former prosperity. But in a few years, the country managed to return to its former level. To date, Kuwait has large reserves (approximately 102 billion barrels, which is 9% of all world reserves).

Oil gives the state about 50% of GDP countries, approximately 95% of export earnings. In addition, 95% of the state budget revenue consists of oil supplies. As for the Kuwait's GDP, then in 2009 it amounted to approximately $ 146 billion., and per capita accounted for 54.1 thousand dollars (occupies, by the way, 7th place in the world). According to 2008 data, the volume of exports reached $86.9 billion. The main share of exports is oil, as well as oil products and fertilizers.

The main buyers were:

• Japan,
• South Korea,
• India,
• Taiwan,
• Singapore.

Companies that are engaged in the extraction and processing of oil - Kuwait National Petroleum Co., Kuwait Petroleum Corporation. (KPC)

Second place. Islamic Republic of Iran - 1528200 barrels per year.

Iran is a country that, like all the rich countries in this article, prefers to live largely on oil exports. True, Iran depends on the supply of black gold to a much lesser extent than Iraq. The reason for this relative independence is the sanctions that have been applied to the country for more than three decades.

In total, the state has 45% of your budget revenues from the export of the topic of the article, as well as gas, 31% of income is obtained from taxes and fees. According to 2011 data, the country's GDP has grown significantly (compared to 2008, 2009) and reached $930.2 billion. Per capita GDP country has a fairly significant figure - $ 12,570.

The main buyers of the Islamic Republic of Iran are:

• China,
• Japan,
• India,
• South Korea,
• Turkey
• and Italy.

Upstream and Downstream Companies – Iranian National Oil Company (INOC), British-Dutch Royal Dutch Shell, National Iranian Tanker Company (NITC), Energy Information Administration, National Iranian Drilling Company (NIDC),

First place. Saudi Arabia - 3602520 barrels.

The export of oil and oil products brought the country $310 billion in 2008. Saudi Arabia's main "customer" buyers are the US, Japan, China and South Korea. Saudi Arabia's GDP reaches 622 billion dollars is $24,200. Has the ability regulation of world prices.

The entire economy of a huge country called Saudi Arabia is based on oil industry. Last, it is worth noting is 45% of the gross domestic product states. At the same time, experts have calculated that 75% of all income received by the state treasury, and 90% of exports in the state is the export of petroleum products.

The reserves of nave explored by the country today reach the level of 260 billion barrels(this figure is 24% of explored reserves on the ground). However, unlike all other oil-producing countries, in Saudi Arabia, this figure is constantly increasing, which is achieved due to the discovery of more and more new deposits.

The largest companies are Saudi Aramco, Sumitomo, Exxon Mobil, and many others.

As you can see, which is based on such a procedure as the extraction of ground oil and its further sale. This, of course, makes the country prosperous and increases the GDP. But one, for example, the introduction economic sanctions capable of almost completely ruining a country that cannot trade in anything but oil.