The Basic Law adopted in 1992 declared that SaudiArabia is a monarchy ruled by the sons and grandsons of the first king, Abd Al Aziz Al Saud, and that the Qur'an is the constitution of the country, which is governed on the basis of Islamic law (Shari'a).
SaudiArabia claims to be in possession of 260.1 billion barrels of oil reserves as of 2003, about 24% of the world's proven total petroleum reserves.
SaudiArabia was a key player in the successful efforts of OPEC and other oil producing countries to raise the price of oil in 1999 to its highest level since the Gulf War by reducing production.
The Basic Law adopted in 1992 declared that SaudiArabia is a monarchy ruled by the sons and grandsons of the first king, Abd Al Aziz Al Saud, and that the Qur'an is the constitution of the country, which is governed on the basis of Islamic law (Shari'a).
SaudiArabia prizes education because of its critical importance in developing the country's human potential, and in the 21st century private education facilities are opening all over the Kingdom.
SaudiArabia was a key player in the successful efforts of OPEC and other oil producing countries to raise the price of oil in 1999 to its highest level since the Gulf War by reducing production.