The Position of Oil in the Middle East: Potential Trends, Future Perspectives, Market and Trade

Currently oil is the fastest growing primary energy source in the world. The Middle East has over half of the world's proven oil reserves and remains the center of gravity in the global oil market. The Middle East represents 65% of world oil reserves. Saudi Arabia is by far the region's largest producer and exporter accounting for approximately 42% of production from the Middle East followed by Iran 19%, UAE 11%, Iraq 6%, Kuwait 11%, Qatar 4%, Oman 5%, and Syria 2% in year 2003. Currently, 60% of exports from the Middle East are destined for Asian markets. The Middle East region supplied about 29% of the 3.4 billion barrels of crude oil that the United States imported in 2001.

Keywords:

• Middle East
• oil reserves
• production
• consumption
• future perspectives
• import
• export

Notes

^a EIA, 2003b

^b IEA, 2001.

^a BP, 2002.