Saudi Arabia swims on top of one of largest proven oil reserved fields in the world and supplies around 15.8% of American foreign oil consumption. Moreover, Saudi’s major customers of US$230 billion worth of exports in 2007 include Japan (17.7% of total exports), South Korea (9.1%), China (7.2%), Taiwan (4.7%) and Singapore (4.5%).
Today’s OPEC basket price hits $85.27 which means that Saudi Arabia will make (85.27 x 9.5M B/day = USD 810,065,000) in a day! However, that should logically decrease the unemployment rate in the country.
Ironically, that did not happen according to a previous article in 2007 by Ghazi Al-Gosibi minister of labor that passed away just recently published by Alarabiya News channel. Al-Gosibi claimed that the unemployment rate has reached Continue reading