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 Aarti Nagraj
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.
HSBC Q1 profit falls 14 per cent as market remains uncertain
UAE non-oil business slows in April as employment stalls
UAE – Jersey trade relations: from a tax haven to taxonomy
No fines for negative comments on economy, Dubai confirms
UAE and Azerbaijan discuss economic, trade ties