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HIGH RISE APARTMENTS IN SHIBAM, YEMEN
Summary of the region
The Middle East, as defined here, has 15 countries and one disputed territory (Palestine). Nine lie in the Arabia/Persia sub-region and the remaining in the East Mediterranean sub-region.
Arabia/Persia is the world’s most important area for oil production. Saudi Arabia has the largest reserves and low operating costs so acts as a swing producer when it chooses. The United Arab Emirates, Kuwait, Iran and Iraq are major producers, with Iran and Iraq having considerable future potential due to their erratic development histories driven by wars and sanctions.
Qatar owns half of the world’s largest gas field (the North field) which provides substantial volumes of LNG and also piped gas within the region. The other half is in Iran where it is called South Pars, being developed in many phases. All the above are members of OPEC.
Bahrain, Oman and Yemen produce oil and gas although civil war in Yemen restricts its potential.
In the East Mediterranean Syria has produced significant volumes of oil near its border with Iraq but output here has been cut by civil war. Major gas discoveries offshore Israel and Cyprus could turn these countries into LNG exporters.