Edit research paper Essay Example | Topics and Well Written Essays - 7500 words

Edit research newspaper publisher - Essay ExampleOver the years, the country has established its supremacy in the global oil market.For the recent decade, a mean yield of 10.26 million barrels per day has been produced by the country. Figure 1 shows that this is 12% of the total world supply. In 2011, the oil-based parsimony generated 11.8 million barrels per day, raising their production share to 13%. The world Saudi Arabia is followed by Russia, United States of America, and China with shares of 12%, 12% and 5% respectively (See accessory Table A). The domestic production of the country grew by a yearly average of 3.6% from 1991 to 2011.This growth is accommodating for the countrys export market and profitability making it beneficial for the overall development of the economy (Yizraeli, 2000).In terms of exports, Saudi Arabia as well as led the industry in 2009 with 8.2 million barrels a day. The country has captured 12.4% of the total world exports during the year. Russia p laced second with 5.2 million followed by Iran with 2.8 billion. 20% of the countrys exports go to the United States of America. Japan and South Korea also imports significant portions of Saudis supply (US nada Information Administration, 2010).On the other hand, despite the consistent boost in production of oil, the world pray for the commodity has been volatile. Figure 2 shows the instability in the world-wide engage for oil, these factors may have been influential to the export performance for crude oil.Figure 2 depicts the demand of the world, US, Japan and South Korea. The latter three mentioned were also included because these are significant importers from Saudi Arabia. The demand for oil has been volatile from the 1990s to early 2000 as reflected from the fluctuations in the graph. Near 2008, downward demand trends are manifested from the world, US, Japan and South Korea. Periodic drops in demand are apparent, and seem to relate to business cycles. During this