INDIAN GEOGRAPHY

Detailed explanation-1: -Saudi Arabia is the world’s largest oil producer and accounts for roughly 15% of global output. Iraq has increased production since the end of the Iraq War and is now the second-largest producer in the Middle East.

Detailed explanation-2: -For example, the Middle East contains approximately 50 percent of the world’s proven reserves but accounts for only about 30 percent of global oil production (though this figure is still higher than in any other region).

Detailed explanation-3: -The leading players of the natural gas sector from the Middle East are Iran, with a production volume of 244.2 billion cubic meters, and Qatar, with over 178 billion cubic meters. Saudi Arabia is the ninth largest gas producer with 113.6 billion cubic meters.

Detailed explanation-4: -Venezuela has the largest amount of oil reserves in the world with more than 300 billion barrels in reserve. Saudi Arabia has the second-largest amount of oil reserves in the world with 297.5 billion barrels. Despite Venezuela’s massive supply of natural resources, the country still struggles economically.

Detailed explanation-5: -According to current estimates, 80.4% (1, 241.82 billion barrels) of the world’s proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 67.1% of the OPEC total.