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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).
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.
Some statistics on this page are disputed and controversial—different sources (OPEC, CIA World Factbook, oil companies) give different figures. Some of the differences reflect different types of oil included. Different estimates may or may not include oil shale, mined oil sands or natural gas liquids.
Economic history of the Arab world addresses the history of economic activity in the Arabic-speaking countries and the stretching of Atlantic Ocean in the west to the Arabian Sea in the east, and from the Mediterranean Sea in the north to the Horn of Africa and the Indian Ocean in the southeast from the time of its origins in the Arabian peninsula and spread in the 7th century CE Muslim ...
Renewable energy in particular has seen a massive usage increase of 115% since 2005, even though it takes up just 12% of total energy consumption, according to the EIA. Renewables should replace ...
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]
The Kingdom's consumption of its own oil production has steadily increased and it now consumes about one quarter of its oil production (approximately three million barrels per day). [3] As of 2012 petrol in Saudi Arabia was sold at a price cheaper than bottled water—approximately US$0.13 per litre ($0.50 per US gallon). [16]
Simpson: Well, the GCC and Middle East is growing faster than any other region. The Saudis just celebrated their 100 millionth visitor, Dubai is just announcing a brand-new airport, which is ...