Liability for the information given being complete or correct. The current coronavirus (COVID-19) pandemic illustrates quite strongly how the economies of the Middle East are affected by the drop of the global oil demand, as well as the subsequent fall of oil prices in the global market. This is due to the global demand for fossil fuel having become quite volatile and is also prone to geopolitical and social events. To complicate matters further, territories which have at times been categorized. Since the term was first coined at the beginning of the 20th century, it has been applied to different sets of countries and territories. dollars.Īlthough the Middle East is the world’s leading energy exporter, exporting over 1.36 billion tons of oil equivalent, its countries are desperate to diversify its economies and end their dependence on oil. Where Is the Middle East The concept of a region called the Middle East is a relatively recent and unstable construction. GQ Middle East is the ultimate men’s fashion, sports & culture guide, covering Arab & global trends. 2020, Saudi Aramco is one of the world’s most valuable companies with assets worth over 510 billion U.S. Mens fashion & style magazine provides latest trends, advice, men’s clothing, dressing style, grooming, travel, fitness, health news across UAE & Middle East. This is mainly carried out by the state-owned company Saudi Aramco. About 39 percent of today’s crude oil is produced by OPEC countries, with its founding member Saudi Arabia being the largest producer, producing over 12.2 million barrels per day.įurthermore, Saudi Arabia also leads the Middle East in its crude oil distillation capacities with almost three million barrels per day. The majority of Middle Eastern oil producing states are united withing the Organization of the Petroleum Exporting Countries (OPEC), which coordinated petroleum extraction quotas as well as oil pricing of its members.
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