Possession of oil has allowed some Global South nations to achieve a standard of living that rivals those of some Global North countries.

Question

Quizplus · Accepted Answer

This statement is true. Countries like Saudi Arabia, Kuwait, and Qatar have been able to achieve a high standard of living due to their possession of significant oil reserves. However, it is important to note that not all Global South countries with oil reserves have been able to benefit equally, as factors such as political instability and corruption can hinder economic development.

Possession of Oil Has Allowed Some Global South Nations to Achieve