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Which of the following countries is rich in oil?
- a)Singapore
- b)Thailand
- c)Pakistan
- d)Indonesia
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
Which of the following countries is rich in oil?a)Singaporeb)Thailandc...
Indonesia has significant energy resources, starting with oil – it has 22 billion barrels of
conventional oil and gas reserves, of which about 4 billion are recoverable. That's the equivalent of about 10 years of oil production and 50 years of gas.
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Which of the following countries is rich in oil?a)Singaporeb)Thailandc...
Indonesia is rich in oil
Indonesia is the correct answer among the given options. Here's why:
Economic Importance of Oil
Oil is one of the most valuable natural resources in the world. It plays a crucial role in the global economy, as it is used for various purposes such as fuel for transportation, industrial processes, and electricity generation. Countries that have significant oil reserves often experience economic benefits due to the export of oil and the revenue it generates.
Indonesia's Oil Reserves
Indonesia is known to have substantial oil reserves, making it a country rich in oil. It is one of the leading oil producers in the world. The country's oil production is mainly concentrated in regions such as Sumatra, Kalimantan, and Papua. These areas are known for their significant oil fields.
Oil Production and Export
Indonesia's oil production has fluctuated over the years due to a variety of factors, including changes in government policies, technological advancements, and global oil prices. However, the country has consistently been a net oil exporter, meaning it exports more oil than it imports.
Economic Impact
The abundance of oil reserves in Indonesia has had a significant economic impact on the country. Oil exports contribute to the country's revenue and help boost its economy. The revenue generated from oil exports can be used for various purposes, such as infrastructure development, education, healthcare, and social welfare programs.
Diversification of Economy
While oil has played a significant role in Indonesia's economy, the country has also been working towards diversifying its economy to reduce its reliance on oil. This is because oil prices are subject to fluctuations in the global market, and relying too heavily on oil exports can make the economy vulnerable to these fluctuations. Therefore, Indonesia has been investing in sectors such as manufacturing, tourism, and agriculture to ensure a more balanced and sustainable economy.
In conclusion, Indonesia is a country rich in oil reserves and has benefited economically from its oil production and export. However, the country is also aware of the need to diversify its economy to reduce its dependence on oil and ensure long-term sustainability.
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Which of the following countries is rich in oil?a)Singaporeb)Thailandc)Pakistand)IndonesiaCorrect answer is option 'D'. Can you explain this answer?
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Which of the following countries is rich in oil?a)Singaporeb)Thailandc)Pakistand)IndonesiaCorrect answer is option 'D'. Can you explain this answer? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about Which of the following countries is rich in oil?a)Singaporeb)Thailandc)Pakistand)IndonesiaCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following countries is rich in oil?a)Singaporeb)Thailandc)Pakistand)IndonesiaCorrect answer is option 'D'. Can you explain this answer?.
Which of the following countries is rich in oil?a)Singaporeb)Thailandc)Pakistand)IndonesiaCorrect answer is option 'D'. Can you explain this answer? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about Which of the following countries is rich in oil?a)Singaporeb)Thailandc)Pakistand)IndonesiaCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following countries is rich in oil?a)Singaporeb)Thailandc)Pakistand)IndonesiaCorrect answer is option 'D'. Can you explain this answer?.
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