Saudi Arabia’s petroleum sectors accounts for 45% of its GDP (it’s the world’s largest producer of oil), so yes, a truly massive amount of their money is made from oil. This also means that its economy is dependant on oil prices, so it had a downturn in 2009 when oil prices fell (it had enough reserves that it didn’t cause the economy to crash, but it did stop several development projects that had been planned).
The top three oil producers are Saudia Arabia, Russia, and the U.S.
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