World's most important oil producer, Saudi Arabia
Saudi Arabia is the world's most important oil producer. It is the world's top oil exporter. It accounted for nearly 13 percent of the world’s output in 1990’s.The oil was first discovered by Anglo-Persian Oil Company in the mountains of north-western Persia in 1908. In 1943, the name of the company in control in Saudi Arabia was changed to Arabian American Oil Company (ARAMCO). Saudi Arabia has the largest oil reserves in the world. Oil actually accounts for 90 percent of the country’s export rate. Saudi Arabia contains around 100 major gas and oil fields. Currently, their production is estimated to be 12.5 million bbl/d. Saudi Arabia’s current estimated oil reserves would last for 90 years at the current rate of production. In addition, 85% of Saudi oil fields found have not produced oil yet.