Saudi Arabia

The Basic Law adopted in 1992 declared that Saudi Arabia is a monarchy ruled by the sons and grandsons of King Abd Al Aziz Al Saud, and that the Holy Qur'an is the constitution of the country, which is governed on the basis of Islamic law (Shari'a).
Saudi Arabia was a key player in coordinating the successful 1999 campaign of OPEC and other oil-producing countries to raise the price of oil to its highest level since the Gulf War by managing production and supply of petroleum.
Saudi Arabia supports a peaceful resolution of the Arab-Israeli conflict but rejected the Camp David accords, claiming that they would be unable to achieve a comprehensive political solution that would ensure Palestinian rights and adequately address the status of Jerusalem.
It borders Jordan on the northwest, Iraq on the north and northeast, Kuwait, Qatar, Bahrain, and the United Arab Emirates on the east, Oman on the southeast, and Yemen on the south, with the Persian Gulf to its northeast and the Red Sea to its west.
The Basic Law adopted in 1992 declared that Saudi Arabia 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).
Saudi Arabia 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.
Saudi Arabia has also served as the chief patron of the Muslim duty to make a pilgrimage to Mecca, expanding arrangements to house and transport the millions of pilgrims who come from all over the world.
Saudi contributions played a major role in the World Muslim League, a religious-propagation agency founded in 1962 with its headquarters in Mecca, while Saudi Arabia was also highly influential in the Organization of the Islamic Conference, a multinational grouping of Muslim countries that periodically organizes summit conferences of government leaders.
Many Muslims in Saudi Arabia nevertheless criticized the regime for the corruption prevalent among government officials and members of the large royal family as well as a perceived exemption for princes from the equal application of the sacred law.
Saudi net oil export revenues are forecast to increase in 2005 and 2006, to $150 billion and $154 billion, respectively, mainly due to higher oil prices.