India's Oil Minister Pleads With Saudi Arabia To Help
India's oil minister Dharmendra Pradhan reached out to Saudi Arabia on Friday to discuss unrest in the region which is pushing up prices to levels that are putting a financial strain on India
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Saudi oil reserves are the second largest in the world, and Saudi Arabia is the world's leading oil exporter and second largest producer. Proven reserves, according to figures provided by the Saudi government, are estimated to be 260 billion barrels (41 km 3 ), which is about one-quarter of world oil reserves.
Saudi Arabia, officially the Kingdom of Saudi Arabia, is a country in Western Asia constituting the bulk of the Arabian Peninsula.With a land area of approximately 2,150,000 km 2 (830,000 sq mi), Saudi Arabia is geographically the largest sovereign state in Western Asia, the second-largest in the Arab world (after Algeria), the fifth-largest in Asia, and the 12th-largest in the world.
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Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 16% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 87% of budget revenues, 42% of GDP, and 90% of export earnings.
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