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Oil Discovery and Distribution of Wealth in Saudi Arabia and United Arab Emirates (1968)

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Uploaded on Oct 5, 2011

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Proven oil reserves in Saudi Arabia are the second largest claimed in the world, estimated to be 267 billion barrels (42×109 m3) (Gbbl hereafter) including 2.5 Gbbl in the Saudi-Kuwaiti neutral zone. These reserves were the largest in the world until Venezuela announced they had increased their proven reserves to 297 Gbbl in January 2011. The Saudi reserves are about one-fifth of the world's total conventional oil reserves, a large fraction of these reserves comes from a small number of very large oil fields, and past production amounts to 40% of the stated reserves.

Oil reserves in the United Arab Emirates, according to its government, are about 98 billion barrels (15.6×109 m3), almost as big as Kuwait's claimed reserves. Of the emirates, Abu Dhabi has most of the oil with 92 billion barrels (14.6×109 m3) while Dubai has 4 billion barrels (640×106 m3) and Sharjah has 1.5 billion barrels (240×106 m3). Most of the oil is in the Zakum field which is the third largest in the Middle East with an estimated 66 billion barrels (10.5×109 m3). The UAE produces about 2.9 million barrels per day (460×103 m3/d) of total oil liquids, but has stated its intention to increase this to 5 million barrels per day (790×103 m3/d) by 2014. The UAE's reserves-to-production is about 93 years.

The petroleum industry includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and plastics. The industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category.

Petroleum is vital to many industries, and is of importance to the maintenance of industrial civilization itself, and thus is a critical concern for many nations. Oil accounts for a large percentage of the world's energy consumption, ranging from a low of 32% for Europe and Asia, up to a high of 53% for the Middle East.

Other geographic regions' consumption patterns are as follows: South and Central America (44%), Africa (41%), and North America (40%). The world consumes 30 billion barrels (4.8 km³) of oil per year, with developed nations being the largest consumers. The United States consumed 25% of the oil produced in 2007. The production, distribution, refining, and retailing of petroleum taken as a whole represents the world's largest industry in terms of dollar value.

Governments such as the United States government provide a heavy public subsidy to petroleum companies, with major tax breaks at virtually every stage of oil exploration and extraction, including for the costs of oil field leases and drilling equipment.

The American Petroleum Institute divides the petroleum industry into five sectors: upstream (exploration, development and production of crude oil or natural gas) downstream (oil tankers, refiners, retailers and consumers) pipeline marine service and supply

Oil companies used to be classified by sales as "supermajors" (BP, Chevron, ExxonMobil, ConocoPhillips, Shell, Eni and Total S.A.), "majors", and "independents" or "jobbers". In recent years however, National Oil Companies (NOC, as opposed to IOC, International Oil Companies) have come to control the rights over the largest oil reserves; by this measure the top ten companies all are NOC.

http://en.wikipedia.org/wiki/Oil_indu...

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