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The King Abdullah Petroleum Studies and Research Center (KAPSARC) is an advisory organization specializing in energy economics, climate, and sustainability that seeks to advance Saudi Arabia’s energy sector and inform global policies through evidence-based advice and applied research. [1] It is located in Riyadh, Saudi Arabia. [2]
Saudi Arabia is an absolute monarchy. [3] According to the Basic Law of Saudi Arabia, the country's de facto constitution adopted by royal decree in 1992, the king must comply with Sharia (that is, Islamic law) and the Qur'an. The Qur'an and the Sunnah are declared to be the de jure country's constitution. [4]
As of 2012 petrol in Saudi Arabia was sold at a price cheaper than bottled water—approximately US$0.13 per litre ($0.50 per US gallon). [16] According to Jim Krane, "Saudi Arabia now consumes more oil than Germany, an industrialized country with triple the population and an economy nearly five times as large."
Saudi Arabia, the world's leading oil exporter and second largest producer, has raised its official selling price (OSP) for July-shipping Arab Light crude to its largest market in Asia by $2.10 a...
Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries ...
The company operates the world's largest single hydrocarbon network, the Master Gas System. Its yearly production is 3.479 billion barrels (553,100,000 m 3), [177] and it manages over 100 oil and gas fields in Saudi Arabia, including 284.8 trillion standard cubic feet (scf) of natural gas reserves. [177]
On 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, which facilitated a 65% quarterly fall in the price of oil. [1] The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the COVID-19 pandemic. [1]
On 9 January 1968, three of the then–most conservative Arab oil states – Kuwait, Libya, and Saudi Arabia – agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War.