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The oil wealth in the Middle East Country

Views: 9     Author: Site Editor     Publish Time: 2022-03-16      Origin: Site

Saudi Arabia, located in west Asia, facing the Persian Gulf in the east and the Red Sea in the west, Saudi Arabia is worthy of the name "oil kingdom".  The Middle East has the largest oil reserves and produces and exports the most oil in the world. The oil in the Middle East is mainly distributed in the Persian Gulf and its coastal areas, and its own consumption of oil is very small. More than 90% of the oil produced in the Middle East is transported by cruise ships from ports along the Persian Gulf to Western Europe, the United States, Japan, China and other countries and regions.



At present, Saudi Arabia has proven oil reserves of 298 billion barrels, accounting for 17.85% of global reserves, daily oil production of 10.52 million barrels, daily oil consumption of 2.64 million barrels, reserves for its use of 309 years.  



Although Saudi Arabia has slightly less proven oil reserves than Venezuela, its oil is in traditionally accessible Wells that are themselves in vast fields.  Saudi Arabia holds more than a fifth of the world's conventional oil reserves.  Saudi Arabia is likely to regain the top spot as exploration ramps up.  The United States Geological Survey estimates that there may be more than 100 billion barrels of oil beneath the Saudi desert, waiting to be found and extracted.