Final answer:
Saudi Arabia's daily oil production is very high but does not exceed 12 million barrels per day, with the country having an absolute advantage in oil production efficiency.
Step-by-step explanation:
The daily oil barrels output by Saudi Arabia is significant as the country is known for its large oil reserves and production capabilities. Although exact figures can fluctuate over time due to various factors such as market demand, OPEC regulations, and technological advancements, it is established that no single country, including Saudi Arabia, produces oil at a rate greater than about 12 million barrels per day. Considering its economic structure, Saudi Arabia has an absolute advantage in oil production as it only takes an hour to produce a barrel of oil, allowing for efficient and high-volume production.
Moreover, the entire economy of Saudi Arabia is largely based on the export of oil. The country holds more than 20 percent of the known oil reserves in the world and is a key member of the Organization of Petroleum Exporting Countries (OPEC), making it a major player in the global oil market.