Arab oil features
The Arab countries are characterized by their possession of most of the oil fields in the world, whose reserves are estimated at 713.6 billion barrels, or 43 percent of the total global reserves, as 26.3 million barrels per day were produced in 2011, which is equal to one-third of the world’s oil production, and in organized countries. The Arabian Gulf Exploration for oil wells is one of the least expensive exploration operations in terms of extraction, production and development. The World Energy Organization estimated that the total production costs of Saudi Arabia, Kuwait and the UAE range between 3-5 US dollars per barrel of oil, and the Kingdom of Saudi Arabia alone has an estimated stock of 265 One million barrels in its oil fields, which is equivalent to 16 percent of the world’s reserves, and among the top 10 oil-producing countries in the world there are four Arab countries, including Saudi Arabia, the Emirates, Kuwait and Iraq. The regions of the world can be broken down in terms of stocks and production in percentage terms, according to 2011 estimates, as follows following:
- The distribution of countries according to oil reserves is as follows:
- Arab world with 43 percent.
- South and Central America, 20 percent.
- North America, 13 percent.
- Non-Arab countries of the Middle East, the continent of Europe and Eurasian countries by 9 percent.
- Sub-Saharan Africa, 4 percent.
- The Asian Pacific Ocean by 2 percent.
- The distribution of countries in terms of production is as follows:
- Arab countries, with a rate of 32 percent.
- The continent of Europe and Eurasia, with a rate of 21 percent.
- North America, 17 percent.
- The Asian Pacific Ocean by 10 percent.
- South and Central America, 9 percent.
- Sub-Saharan Africa, 6 percent.
- Non-Arab Middle Eastern countries by 5 percent.
The world's largest oil companies
The Financial Times 500 is an annual classification of the largest oil companies in the world according to certain criteria, the most important of which is net income. Among the largest oil companies in the world are the following:
Read also:How was oil discovered?- Russian company Gazprom.
- American company Exxon Mobil.
- British company BP.
- American Chevron Corporation.
- Chinese PetroChina Company.
- British Royal Dutch Shell Company.
- French company Total.
The International Oil Organization OPEC
The Organization of Petroleum Producing Countries “OPEC” is an intergovernmental and permanent organization that was established at the Baghdad Conference in 1960 AD with the participation of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, who are considered the five founding countries of the organization, as Qatar, Indonesia, Libya, the Emirates, Algeria, Ecuador, Gabon and Nigeria joined later. The main administration of OPEC in the Austrian capital, Vienna, since 1995.
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