Dominant Middle East oil reserves critically important to world supply

Journal Article · Mon Sep 23 00:00:00 EDT 1991 · Oil and Gas Journal; (United States)

OSTI ID:5778970

Riva, Jr, J P ^[1]

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1. Library of Congress, Washington, DC (United States). Congressional Research Service

This paper reports that the location production, and transportation of the 60 million bbl of oil consumed in the world each day is of vital importance to relations between nations, as well as to their economic wellbeing. Oil has frequently been a decisive factor in the determination of foreign policy. The war in the Persian Gulf, while a dramatic example of the critical importance of oil, is just the latest of a long line of oil-influenced diplomatic/military incidents, which may be expected to continue. Assuming that the world's remaining oil was evenly distributed and demand did not grow, if exploration and development proceeded as efficiently as they have in the U.S., world oil production could be sustained at around current levels to about the middle of the next century. It then would begin a long decline in response to a depleting resource base. However, the world's remaining oil is very unevenly distributed. It is located primarily in the Eastern Hemisphere, mostly in the Persian Gulf, and much is controlled by the Organization of Petroleum Exporting Countries. Scientific resource assessments indicate that about half of the world's remaining conventionally recoverable crude oil resource occurs in the Persian Gulf area. In terms of proved reserves (known recoverable oil), the Persian Gulf portion increase to almost two-thirds.

• OSTI ID: 5778970
• Journal Information: Oil and Gas Journal; (United States), Vol. 89:38; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING
POLICY AND ECONOMY
02 PETROLEUM
MIDDLE EAST
RESOURCE ASSESSMENT
PETROLEUM
RESERVES
PETROLEUM INDUSTRY
GLOBAL ASPECTS
RESOURCE DEVELOPMENT
PLANNING
ECONOMIC ANALYSIS
FORECASTING
FOREIGN POLICY
INTERNATIONAL RELATIONS
PERSIAN GULF
SUPPLY AND DEMAND
WELL DRILLING
ARABIAN SEA
DRILLING
ECONOMICS
ENERGY SOURCES
FOSSIL FUELS
FUELS
GOVERNMENT POLICIES
INDIAN OCEAN
INDUSTRY
RESOURCES
SEAS
SURFACE WATERS
294002* - Energy Planning & Policy- Petroleum
020700 - Petroleum- Economics
Industrial
& Business Aspects
020200 - Petroleum- Reserves
Geology
& Exploration
293000 - Energy Planning & Policy- Policy
Legislation
& Regulation