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Foreign relations of Saudi Arabia are the diplomatic and trade relations between Saudi Arabia and other countries around the world. The foreign policy of Saudi Arabia is focused on co-operation with the oil-exporting Gulf States, the unity of the Arab World, Islamic solidarity, and support for the United Nations. [1]
Two main issues which were discussed at the summit, were natural gas prices and a common approach to the natural gas market. [28] It was agreed on the summit that the price of gas used to generate electricity is too low and the gap between prices for gas and crude oil need to be narrowed. The linking of gas prices to the oil price was
The relations between Saudi Arabia and UAE have strengthened significantly with the rise of Mohammed bin Salman as Crown prince of Saudi Arabia, with Mohammed bin Zayed being described by media as aiding his ascension to crown prince and serving as a "mentor" to Mohammed bin Salman. [5] [8]
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 ...
While the Organization of the Petroleum Exporting Countries, which is comprised of 12 of the world’s major oil-exporting nations including Saudi Arabia, has been cutting output since 2022, the ...
Saudi growth would remain sluggish at 1.1% in 2024, he added. While other Gulf states have also come under economic pressure from cuts to oil production, the United Arab Emirates economy has ...
Top 5 oil-producing countries 1980–2022 World oil production This is a list of countries by oil production (i.e., petroleum production), as compiled from the U.S. Energy Information Administration database for calendar year 2023, tabulating all countries on a comparable best-estimate basis.
Based on latest figures and estimates, the Arab League has a GDP of approximately US$3.5 trillion at nominal values and $9.4 trillion at purchasing power parity (PPP). The member states with the largest nominal GDP are Saudi Arabia at US$1.07 trillion, followed by the UAE at $509.18 billion and Egypt at $489.4 billion.