Saudi Oil and the Impact of Oil Revenues on the Economic Growth of the Kingdom

Abstract

Proceeding from the role that oil plays in economic growth and the place occupied by the Kingdom in international organizations and enhance the prestige of this huge oil reserves and the high volume of production and its impact on the volume of oil revenues, which are often affected by changes in global oil prices. So the search touched to recognize the Kingdom's oil position in the oil-exporting international organizations and economic importance, and the role played by the GDP increase in revenue and its impact on economic growth, and the impact of oil on the volume of trade exchange of the Kingdom. And research have found that the increase in reserves and oil production has led to increased financial surpluses enhanced by high oil prices and thus reduce the public debt of the Kingdom and has doubled the size of reserve assets, which in turn became a tributary of the Saudi economy in a period of low oil prices; Quest for oil market stability and development of the oil industry and to diversify sources of income; falling oil prices pose significant risks to the most extreme countries rely on oil revenues and therefore slower growth rates with the exception of the Kingdom of the pursued diversification and allocation strategies.