 | Glossary |
Persian Gulf Region
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| The Persian Gulf region currently produces over 23 million barrels per day of total liquids and is expected to increase its market share over the next two decades. |
The Persian Gulf countries contain a significant percentage of the world’s oil reserves, production, and capacity. The Persian Gulf countries consistently maintain most of the world’s excess oil production capacity. The following key oil data depicts the importance of the Persian Gulf region:
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Proven oil reserves of 728 billion barrels, representing over half (55 percent) of the world's oil reserves at the end of 2006 (Oil and Gas Journal);
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Oil production capacity of 25.4 million bbl/d (33 percent of the world total) at the end of 2006
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Total oil production of 23.6 million bbl/d in 2006
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About 2.4 - 2.9 million bbl/d of excess world oil production capacity as of March 2007, of which 1.9 to 2.4 million bbl/d was located in Saudi Arabia and most of the remainder (0.5 million bbl/d) located in other Persian Gulf countries such as Kuwait and the United Arab Emirates.
In 2006, the Persian Gulf countries had estimated net oil exports of 18.2 million bbl/d of oil. Saudi Arabia exported the most oil of any Persian Gulf country in 2006, with an estimated 8.7 million bbl/d. Also, Iran had estimated net exports of about 2.5 million bbl/d, followed by the United Arab Emirates (2.5 million bbl/d), Kuwait (2.2 million bbl/d), Iraq (1.4 million bbl/d), Qatar (1.0 million bbl/d), and Bahrain (0.02 million bbl/d).
Source: EIA Short Term Energy Outlook
According to the Energy Information Administration's International Energy Outlook 2007, Persian Gulf oil production is expected to moderately grow and reach 26 million bbl/d by 2015, nearly 30 million bbl/d by 2020, and over 38 million bbl/d by 2030, compared to over 23 million bbl/d in 2006. This would increase the share of Persian Gulf oil production to 33 percent of the world total by 2030, up from 28 percent in 2006.
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