Saudi Arabia
Saudi Arabia is the world’s largest producer and exporter of total petroleum liquids and is currently the world’s second largest crude oil producer behind Russia. Saudi Arabia’s economy remains heavily dependent on oil and petroleum-related industries, including petrochemicals and petroleum refining. The International Monetary Fund reported that in 2006, the last available data, oil export revenues accounted for around 90 percent of total Saudi export earnings and state revenues and above 40 percent of the country's gross domestic product (GDP).
Saudi Arabia’s hydrocarbon sector operations are completly controlled by the state-owned oil company, Saudi Aramco. Saudi Aramco is the world’s largest oil company in terms of proven or “booked” reserves and production of hydrocarbons. In addition, Saudi Arabia’s Ministry of Petroleum and Mineral Resources and the Supreme Council for Petroleum and Minerals has oversight of the sector and Saudi Aramco directly. The Supreme Council, which is comprised of members of the royal family, industry leaders and government ministers, is responsible for petroleum and natural gas policy-making, including contract review, as well as Saudi Aramco’s strategic planning. The Ministry is responsible for national planning in the area of energy and minerals, including petrochemicals.
Saudi Arabia is the world's largest (net) oil exporter and is a key oil supplier to the United States, Europe and Asia. Saudi Aramco’s plans to increase marketed oil production in the medium term hinges on the maintenance and expansion of the petroleum pipeline network, export facilities, and shipping capacity.
Saudi Arabia contains approximately 267 billion barrels of proven oil reserves (including 2.5 billion barrels in the Saudi-Kuwaiti shared "Neutral" Zone), amounting to around one-fifth of proven, conventional world oil reserves. Around two-thirds of Saudi reserves are considered "light," "extra light" or “super light” grades of oil, with the rest either "medium" or "heavy." Although Saudi Arabia has around 100 major oil and gas fields (and more than 1,500 wells), over half of its oil reserves are contained in only eight fields, including the giant 1260-square mile Ghawar (the world's largest oil field, with estimated remaining reserves of 70 billion barrels) and Safaniya, including Khafji and Hout (the world's largest offshore oilfield, with estimated reserves of 20 billion barrels).
Iraq
Iraq has the world’s third largest proven petroleum reserves and some of the lowest extraction costs, although just a fraction of its known fields are in development. According to the March 2007, review by the International Monetary Fund (IMF), in 2006, crude oil export revenues represented around 60 percent of GDP and 89 percent of government revenues. In 2006, the U.S Department of Energy’s Energy Information Administration (EIA) reported that Iraq was the world’s 15th biggest oil producer and Iraq meets approximately 94 percent of its energy needs with petroleum. Iraq’s use of abundant natural gas resources and hydropower is limited. According to the findings of the December 2006, Iraq Study Group (ISG), led by former Secretary of State James A. Baker and former Congressman Lee H. Hamilton, the stabilization of Iraq is highly correlated with Iraq’s economic success or failure, which in the medium-term is highly dependent on its hydrocarbons industry.
After more than a decade of sanctions and two Gulf Wars, Iraq’s oil infrastructure needs modernization and investment. Despite a large reconstruction effort (including Iraq Relief and Reconstruction Fund (IRRF) support of $1.72 billion), the industry has not been able to meet hydrocarbon production and export targets since 2004. According to the January 2007, Special Inspector General for Iraq Reconstruction (SIGIR) report, Iraq’s petroleum sector faces technical challenges in procuring, transporting and storing crude and refined products, as well as managing pricing controls and imports, fighting smuggling and corruption, improving budget execution, and managing sustainability of operations. Oil production has not recovered to pre-war levels, and parliament and cabinet officials are working to map out investment and ownership rights that will help move the industry forward.
Iran
Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC), and ranks among the world’s top three holders of both proven oil and natural gas reserves. Iran is OPEC’s second-largest producer and exporter after Saudi Arabia, and is the fourth-largest exporter of crude oil globally after Saudi Arabia, Russia, and Norway. Natural gas accounts for half of Iran’s total domestic energy consumption, while the remaining half is predominately oil consumption. The continued exploration and production of the offshore South Pars natural gas field in the Persian Gulf is a key part of Iran’s energy sector development plan.
As of January 2009, Iran has an estimated 136.2 billion barrels of proven oil reserves, or roughly 10 percent of the world's total proven petroleum. Iran has 40 producing fields, 27 onshore and 13 offshore, with the majority of crude oil reserves located in the southwestern Khuzestan region near the Iraqi border. Iran's crude oil is generally medium in sulfur content and in the 28°-35° API range. In 2007, Iran exported about 2.4 million bbl/d of oil, primarily to Asian and OECD Europe countries, making it the fourth largest exporter in the world.
Kuwait
Despite its relatively small size, Kuwait is one of the world’s top exporters of oil, with over 2.6 million barrels per day exported in 2007. Kuwait's economy is heavily dependent on which account for roughly 90 percent of total export earnings. Kuwait channels around 10 percent of its oil revenues into the "Future Generations Fund" for the day when oil income runs out. The bulk of this reserve is generally invested in the United States, Germany, the United Kingdom, France, Japan, and Southeast Asia.
Kuwait’s territorial boundaries contain an estimated 101.5 billion barrels (bbl) of proven oil reserves, roughly 8 percent of the world total. The Neutral Zone (a.k.a. Divided Zone), which Kuwait shares 50-50 with Saudi Arabia, holds an additional 5 billion bbl of reserves, bringing Kuwait's total oil reserves to 104 billion bbl.
U.A.E
The United Arab Emirates (UAE) is an important oil producer with the fifth largest proven oil reserves in the Middle East. The UAE has been a key and active member of OPEC since it joined in 1967. The emirate of Abu Dhabi is the center of the oil and gas industry, followed by Dubai, Sharjah, and Ras al Khaimah. In 2004, natural gas supplied 64 percent of the country’s total energy consumption, and oil supplied the remaining 36 percent.
The UAE’s proven oil reserves were 97.6 billion barrels as of January 1, 2007. Abu Dhabi leads the other emirates with 92.2 billion barrels followed by Dubai with 4 billion barrels, Sharjah with 1.5 billion barrels, and Ras al Khaimah with 500 million barrels. The UAE holds the fifth largest proven oil reserves in the region. UAE crude streams are expensive due to their light and sweet composite compared to other Middle Eastern producers. The API gravity ranges from 34 to 36.8 degrees in the Zakum field, to 40.4 degrees in Murban.
Some believe tensions in the Middle East are because of the United states drive to keep unfriendly powers out of it.
in 1973, the Arab Oil Embargo caused oil prices to go way up and a recession in the United States.
The Middle East accounts for 17% of oil imports in the United States.
Much of the oil available now is in monopolistic OPEC ( Organization of Petroleum Exporting Countries) countries whose operations often cause the high oil prices.
40% of the world's oil comes from OPEC countries.
In 2004, eight of the top fourteen countries were OPEC countries.
Some believe oil fields are in danger of a terrorist attack because some terrorist organizations want the oil they think is being stolen. This all comes from a failed attack on a plant in Saudi Arabia in 2005.
Saudi Arabia
Saudi Arabia is the world’s largest producer and exporter of total petroleum liquids and is currently the world’s second largest crude oil producer behind Russia. Saudi Arabia’s economy remains heavily dependent on oil and petroleum-related industries, including petrochemicals and petroleum refining. The International Monetary Fund reported that in 2006, the last available data, oil export revenues accounted for around 90 percent of total Saudi export earnings and state revenues and above 40 percent of the country's gross domestic product (GDP).
Saudi Arabia’s hydrocarbon sector operations are completly controlled by the state-owned oil company, Saudi Aramco. Saudi Aramco is the world’s largest oil company in terms of proven or “booked” reserves and production of hydrocarbons. In addition, Saudi Arabia’s Ministry of Petroleum and Mineral Resources and the Supreme Council for Petroleum and Minerals has oversight of the sector and Saudi Aramco directly. The Supreme Council, which is comprised of members of the royal family, industry leaders and government ministers, is responsible for petroleum and natural gas policy-making, including contract review, as well as Saudi Aramco’s strategic planning. The Ministry is responsible for national planning in the area of energy and minerals, including petrochemicals.
Saudi Arabia is the world's largest (net) oil exporter and is a key oil supplier to the United States, Europe and Asia. Saudi Aramco’s plans to increase marketed oil production in the medium term hinges on the maintenance and expansion of the petroleum pipeline network, export facilities, and shipping capacity.
Saudi Arabia contains approximately 267 billion barrels of proven oil reserves (including 2.5 billion barrels in the Saudi-Kuwaiti shared "Neutral" Zone), amounting to around one-fifth of proven, conventional world oil reserves. Around two-thirds of Saudi reserves are considered "light," "extra light" or “super light” grades of oil, with the rest either "medium" or "heavy." Although Saudi Arabia has around 100 major oil and gas fields (and more than 1,500 wells), over half of its oil reserves are contained in only eight fields, including the giant 1260-square mile Ghawar (the world's largest oil field, with estimated remaining reserves of 70 billion barrels) and Safaniya, including Khafji and Hout (the world's largest offshore oilfield, with estimated reserves of 20 billion barrels).
Iraq
Iraq has the world’s third largest proven petroleum reserves and some of the lowest extraction costs, although just a fraction of its known fields are in development. According to the March 2007, review by the International Monetary Fund (IMF), in 2006, crude oil export revenues represented around 60 percent of GDP and 89 percent of government revenues. In 2006, the U.S Department of Energy’s Energy Information Administration (EIA) reported that Iraq was the world’s 15th biggest oil producer and Iraq meets approximately 94 percent of its energy needs with petroleum. Iraq’s use of abundant natural gas resources and hydropower is limited. According to the findings of the December 2006, Iraq Study Group (ISG), led by former Secretary of State James A. Baker and former Congressman Lee H. Hamilton, the stabilization of Iraq is highly correlated with Iraq’s economic success or failure, which in the medium-term is highly dependent on its hydrocarbons industry.
After more than a decade of sanctions and two Gulf Wars, Iraq’s oil infrastructure needs modernization and investment. Despite a large reconstruction effort (including Iraq Relief and Reconstruction Fund (IRRF) support of $1.72 billion), the industry has not been able to meet hydrocarbon production and export targets since 2004. According to the January 2007, Special Inspector General for Iraq Reconstruction (SIGIR) report, Iraq’s petroleum sector faces technical challenges in procuring, transporting and storing crude and refined products, as well as managing pricing controls and imports, fighting smuggling and corruption, improving budget execution, and managing sustainability of operations. Oil production has not recovered to pre-war levels, and parliament and cabinet officials are working to map out investment and ownership rights that will help move the industry forward.
Iran
Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC), and ranks among the world’s top three holders of both proven oil and natural gas reserves. Iran is OPEC’s second-largest producer and exporter after Saudi Arabia, and is the fourth-largest exporter of crude oil globally after Saudi Arabia, Russia, and Norway. Natural gas accounts for half of Iran’s total domestic energy consumption, while the remaining half is predominately oil consumption. The continued exploration and production of the offshore South Pars natural gas field in the Persian Gulf is a key part of Iran’s energy sector development plan.
As of January 2009, Iran has an estimated 136.2 billion barrels of proven oil reserves, or roughly 10 percent of the world's total proven petroleum. Iran has 40 producing fields, 27 onshore and 13 offshore, with the majority of crude oil reserves located in the southwestern Khuzestan region near the Iraqi border. Iran's crude oil is generally medium in sulfur content and in the 28°-35° API range. In 2007, Iran exported about 2.4 million bbl/d of oil, primarily to Asian and OECD Europe countries, making it the fourth largest exporter in the world.
Kuwait
Despite its relatively small size, Kuwait is one of the world’s top exporters of oil, with over 2.6 million barrels per day exported in 2007. Kuwait's economy is heavily dependent on which account for roughly 90 percent of total export earnings. Kuwait channels around 10 percent of its oil revenues into the "Future Generations Fund" for the day when oil income runs out. The bulk of this reserve is generally invested in the United States, Germany, the United Kingdom, France, Japan, and Southeast Asia.
Kuwait’s territorial boundaries contain an estimated 101.5 billion barrels (bbl) of proven oil reserves, roughly 8 percent of the world total. The Neutral Zone (a.k.a. Divided Zone), which Kuwait shares 50-50 with Saudi Arabia, holds an additional 5 billion bbl of reserves, bringing Kuwait's total oil reserves to 104 billion bbl.
U.A.E
The United Arab Emirates (UAE) is an important oil producer with the fifth largest proven oil reserves in the Middle East. The UAE has been a key and active member of OPEC since it joined in 1967. The emirate of Abu Dhabi is the center of the oil and gas industry, followed by Dubai, Sharjah, and Ras al Khaimah. In 2004, natural gas supplied 64 percent of the country’s total energy consumption, and oil supplied the remaining 36 percent.
The UAE’s proven oil reserves were 97.6 billion barrels as of January 1, 2007. Abu Dhabi leads the other emirates with 92.2 billion barrels followed by Dubai with 4 billion barrels, Sharjah with 1.5 billion barrels, and Ras al Khaimah with 500 million barrels. The UAE holds the fifth largest proven oil reserves in the region. UAE crude streams are expensive due to their light and sweet composite compared to other Middle Eastern producers. The API gravity ranges from 34 to 36.8 degrees in the Zakum field, to 40.4 degrees in Murban.