In the given question, a statement of Assertion is followed by a statement of Reason. Mark the correct answer. 

Assertion: The global economy relied on oil for much of the 20th century as a portable and indispensable fuel.

Reason: Saudi Arabia has one-third of the world’s total reserves and is the third-largest producer

The Assertion is correct but the Reason is incorrect

The correct answer is Option 4 - The Assertion is correct but the Reason is incorrect

Assertion: The global economy relied on oil for much of the 20th century as a portable and indispensable fuel.

Reason: Saudi Arabia has one-third of the world’s total reserves and is the third-largest producer

The global economy relied on oil for much of the 20th century as a portable and indispensable fuel. The immense wealth associated with oil generates political struggles to control it, and the history of petroleum is also the history of war and struggle. Nowhere is this more obviously the case than in West Asia and Central Asia. West Asia, specifically the Gulf region, accounts for about 30 per cent of global oil production. But it has about 64 percent of the planet’s known reserves, and is therefore the only region able to satisfy any substantial rise in oil demand. Saudi Arabia has a quarter of the world’s total reserves and is the single largest producer. Iraq’s known reserves are second only to Saudi Arabia’s.