Situation in West Asia

In examining the situation in the Middle East, the significance of the oil factor in respect of the Gulf region must be noted. Firstly, out of the estimated crude oil reserves of 690 billion barrels, over 40 per cent of the proven reserves are located in the Gulf region. Saudi Arabia, with more than 168 billion barrels, has the largest proven reserves, followed by Kuwait (67 billion barrels) and Iraq (65 billion barrels). With a crude oil production of around 12 million barrels a day, these reserves are expected to last into the first few decades of the next century