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In 2009 the largest share of oil production was in the Middle East (24 million barrels daily, or 31 per cent of global production). According to Transparency International based on BP data regionally the largest share of proved oil reserves is in the Middle East (754 billion barrels, constituting 51 per cent of global reserves including oil sands and 57 per cent excluding them).
Daily oil consumption by region from 1980 to 2006. This is a list of countries by oil consumption. [1] [2] In 2022, the International Energy Agency (IEA) announced that the total worldwide oil consumption would rise by 2% [3] year over year compared to 2021 despite the COVID-19 pandemic. [citation needed]
Following the oil boom and the OPEC embargo of the 1970s, the Middle East became a heavily integrated region in terms of economic growth and employment. The increase in the export of oil by the major oil-exporting countries in the Middle East led to a mass influx of foreign workers from Arab and Asian countries.
The discovery of large petroleum deposits in the early 20th century revolutionized the economy of much of the region, particularly the states of Iran, Iraq, Saudi Arabia, the UAE, Kuwait, and Qatar surrounding the Persian Gulf, which are among the top oil or gas exporters worldwide.
First, America is also the world’s largest oil consumer. As such, it relies on imports from the Middle East, Canada, Mexico and China. ... even though it takes up just 12% of total energy ...
Another powerful factor in the Middle East is China, which buys most of Iran’s oil and is forging partnerships with many oil producers in the region. China is a net importer of oil that wants to ...
The economy was expected to grow 4–4.5% in 2013, compared to 2.3–3.5% over the previous five years. Since independence in 1971, UAE's economy has grown by nearly 231 times to AED1.45 trillion in 2013. The non-oil trade has grown to AED1.2 trillion, a growth of around 28 times from 1981 to 2012. [22]
According to “The Significance of Oil,” the Middle East at the time “was contributing only 5 percent of total world oil production and its exports were limited to countries within the immediate region and, via the Suez Canal, in western Europe.” [7] The real significance of pre-1939 developments in the Middle East is that they ...