SWANA - Oil and its Effects
By: James O'Donnell
Saudi Arabia is a very interesting country due to its HDI ranking. At rank 39 you can't tell if Saudi is a fully developed country. Saudi Arabia is ranked #1 in oil reserves in the world! It seems with that much oil why with $746.2 BILLION! dollars, why they wouldn't be more advanced. Their GDP per capita is a strong $52,300 and at rank 20! Saudi Arbia spends their money on things and research like power generation, telecommunications, natural gas exploration, and petrochemical sectors. In my opinion they are using their money smartly and have benefited by doing research to gain more knowledge about oil and oil mining.
OPEC and Oil Flow
If you don't already know OPEC is the Organizatin of the Petroleum Exporting Country's so in basic words their a group of people with lots of oil that export their oil out to other county's to make money. Their members are Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE, and Venezuela. Their goals are to ensure the stability of the oil market in order to supply an efficient, economic, and regular supply of oil. So in basic words the keep the oil market from not crashing so other people can buy their oil.