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King of Muslim world and largest oil producing country

King of Muslim world and largest oil producing country 
In Saudi Arabia oil was discovered in 1930’s which changed the shape of the country through increasing economic growth. Due to this oil wealth Saudi Arabia is the largest oil exporter. Oil contributes 90% of country exports and 70% government revenues. Almost 95% of oil is produced by Saudi government by the company ARAMCO. In 1993 Saudi ARAMCO became the largest oil producing company of the world by absorbing SAMAREC, another lower state oil providing company.
In 1974 fast rise in oil revenues made Saudi Arabia one of the fastest growing economies of world which in turns gives huge trade to country with the whole world. In 1981 Saudi oil production which was increased to 10 million barrels per day (b/d) dropped down to 2 million b/d in 1985. This was the result of excessive oil supply in the world due to emergence of several oil fields around the world.

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