| Saudi Arabia held about 267 billion barrels of proven oil reserves at the end of 2014, which is the second largest oil reserves held by a single country. The founder member of the Organization of Petroleum Exporting Countries accounts for roughly 10% of the global oil production and plays a crucial role in the determination of crude oil prices.
The Middle East country also contributes a notable portion of the global oil exports and has a sizeable amount of spare capacity, which it can use to maneuver the dynamics of the oil markets. Thus, the country is being viewed as a game changer in the ongoing oil slump...............................................Full Article: Source
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