Saudi Arabia has the largest petroleum reserves in the world. It comprises almost 1/4th (24 %) of the world’s proven total petroleum reserves. Saudi Arabia’s economy is petroleum-based; roughly 75% of budget revenues and 90% of export earnings come from the oil industry. Officially, it has about 260 billion barrels (41,000,000,000 cubic metres) of oil reserves. It has become one of the rapidly growing countries in terms of the average per-capita income.
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