The Middle East presently produces about a 3rd of the world’s oil. Here are the most important producers ranked:
As tensions in the Middle East continue to rise, I have fielded a number of queries on how this might impact the world’s oil markets. Today I want to explore that issue.
It is also important to note that sanctions on Iran have impacted its ability to export oil. According to OPEC’s latestBefore covering how much oil we get from the Middle East today, let’s look at the picture prior to the shale oil boom. By 2008, U.S. oil production had begun to rise, but so had U.S. demand. Total crude oil imports had risen to 12.9 million BPD, but the share from the Persian Gulf had fallen to 2.4 million BPD .
Of the total crude oil imports from that region, 57% came from Saudi Arabia and 33% came from Iraq in 2018. These Middle Eastern imports are primarily coming into the Gulf Coast and West Coast. Canada is now the most important source of U.S. oil imports, supplying 4.3 million BPD in 2018 .
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