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Saudi Arabia Proves That Oil Is Power

October 24, 2018

Via: Forbes

According to the 2018 BP Statistical Review of World Energy, in 2017 Saudi Arabia produced 12 million barrels of oil per day. That accounted for 12.9% of the world’s oil production, which is in the range of the world’s two other major oil production superpowers — Russia and the U.S.

However, there is an important distinction when it comes to Saudi Arabia. In Russia, oil production is concentrated among a dozen or so companies. In the U.S., thousands of companies acting in their own self-interest produce oil. But in Saudi Arabia, all of the oil production is controlled by Saudi Aramco, the state-owned oil company and reportedly the most profitable company in the world.

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