Final answer:
Saudi Arabia controls a significant percentage of the world's conventional spare oil capacity, with more than 20 percent of the world's known oil reserves located within its borders, making it a key player in the global oil market and geopolitics.
Step-by-step explanation:
Saudi Arabia is known to control a significant portion of the world's conventional spare oil capacity. With the country's entire economy heavily reliant on the export of oil, it is not surprising to note that more than 20 percent of the world's known oil reserves are located there. Saudi Arabia is not only a key member of the Organization of Petroleum Exporting Countries (OPEC), but it has also been consistently the world's number one oil exporter. This has given Saudi Arabia substantial economic and geopolitical power in the global arena.
Oil reserves in different regions have varying characteristics. For instance, the oil in Venezuela and Canada is known as heavy oil, which is harder to extract and refine. In contrast, the Middle East, specifically Saudi Arabia, Iran, Iraq, UAE, and Kuwait, is rich in light crude oil, which is more desirable due to being easier to turn into products like gasoline. Based on the global oil reserve distributions and the geopolitical significance, Saudi Arabia holds a considerable influence over the global energy markets and politics.
Considering the accessible oil reserves and the geopolitical landscape, Saudi Arabia is vital for the world's energy stability. With their substantial reserves and production capabilities, they play a crucial role in determining the availability and pricing of oil globally. It is in this context that the percentage of the world's conventional spare oil capacity that Saudi Arabia holds is critically important.