Middle East Oil Production
James Haley
CCAC
For this project I have decided to prospect Southwest Asia but in more detail take a look at its natural resources and even ultimately its oil reserves. The middle east is the world’s juggernaut when talking on terms of oil reserves by producing over fifty percent of the Earth’s oil. This is why so much the world depends on the middle east because of how important oil is to every living human, we almost have a need for it to survive efficiently. The pursuit for oil around the world is more rapid than ever which gives the middle eastern companies great economic benefit, they can pretty much charge whatever they want, they are somewhat of a monopoly. The best way to go about seeing how the middle east is doing is by showing the largest (oil reserves) and profitable countries in this region.
I want to start off with Kuwait. Kuwait contains the second largest oil reserve in the world which are know as the Burgan Oil Fields. Oil production in Kuwait is more diverse and different than their brother nations in the sense of how they produce oil. Kuwait oil reserves being founded in 1940 stick to a vow that they will use their mass oil profit for controlled development. They have made a great economical platform to better their residential, industrial, commercial areas and have even attempted to make their economy very productive even after their oil reserves run out. (US Energy Administration, 2013).
The largest producer/exporter of oil in the world and middle east goes to the country of Saudi Arabia. Saudi Arabia makes up half of the middle east’s production so essentially they make up 25% of the entire world’s oil just in their one country. They are not only dominate as a country but contain the single largest oil reserve as well, the Ghawar Field which produces anywhere from 200 billion-270 billion barrels a year. (Reuters, 2014). The oil...