Which of the following country has 25 percent of the world's estimated oil reserves and the lowest cost production as well as a dominant role in OPEC pricing ?
Correct answer: B. Saudi Arabia
- A. Russia
- B. Saudi Arabia
- C. Iraq
- D. Venezuela
Explanation
Saudi Arabia has roughly one-quarter of proven global oil reserves, very low production costs, and major influence over OPEC output and pricing decisions. Russia and Venezuela are major producers, but they do not fit all three descriptions as well.
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