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Saudi Arabia: Oil
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For Saudi Arabia this is big business. But it's only a sample of what government planners have in mind. For in Arabia abundant natural gas is produced along with oil as a joint product and Petromin now envisions two ways of exploiting its enormous potential.
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Since the discovery of oil in the 1930s, Saudi Arabia has witnessed the fascinating clash of civilizations: adhering to ancient traditions while relishing the modern perks of fancy cars, luxurious shopping and slick skyscrapers. Saudi markets shimmer with gold and smell of exotic spices. Outside of the cities, stark deserts are dotted with surprising oases and wondrous ruins of ancient Arabia. Home to two holy cities – Mecca and Medina, Saudi ... provides modern hotels and lucrative opportunities for the business traveller.
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In the 1990s, Saudi Arabia experienced a significant contraction of oil revenues combined with a high rate of population growth. Per capita income fell from a high of $11,700 at the height of the oil boom in 1981 to $6,300 with in 1998[21]. Recent oil price increases have helped boost per capita GDP to $17,000 in 2007 dollars[22], or about $7,400 adjusted for inflation[23].
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Canada established formal relations with Saudi Arabia in 1976, with the development of a Joint Economic Commission to discuss trade and economic issues. Today, most trade between the countries originates in Saudi Arabia in the form of oil. Saudi exports to Canada topped $800 million in 2001, versus $327 million worth of imports from Canada.
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Oil prices reached a record $42 a barrel on Tuesday, following a weekend terrorist attack in Saudi Arabia. Although the major indexes closed up, the S&P 500 dipped below its 50-day moving average during the day -- which some market watchers interpreted as a signal of a weaker market ahead.
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"Last spring, the White House publicly embraced plans by Saudi Arabia to increase its oil production capacity significantly. But privately, some officials and others advising the government are skeptical about some of those Saudi forecasts.
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