The Kingdom's Oil Policy (1of 11)
In terms of production the Kingdom of Saudi Arabia is easily the largest single oil producer. The figures for 1999 show that, with a daily production of 8.6 million barrels, the Kingdom of Saudi Arabia is 800,000 barrels a day ahead of the United States and almost 2.5 billion barrels a day ahead of the Russian Federation.
In terms of reserves, the Kingdom holds 25% of the world’s proven oil reserves.
Clearly the Kingdom of Saudi Arabia holds a dominant position in the oil market. How the Kingdom, under King Fahd, has used that position and how the media in general have presented the Kingdom’s policy on oil is worthy of fuller discussion.
