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Oil

Crude oil is one of the main market drivers across the world, and according to experts, its current rise could help the region recover faster from the financial crisis.

May 25, 2009 4:27 by

Middle East

Oil was first discovered in the Middle East after World War II, and the region currently holds the largest reserves of crude oil in the world; the six GCC countries alone hold 40 percent of global oil reserves. Most of these countries grew phenomenally because of the oil boom, and their economies have thrived on it.

According to the Energy Information Administration (EIA), the official statistics from the US government, around 85.5 million barrels of oil was produced per day in 2008. Out of that, the highest output in the world came from the Middle East, at around 25.8 million bpd. The maximum came from oil-rich Saudi Arabia, amounting to around 10.8 million bpd.

 

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