USA HISTORY

Detailed explanation-1: -Middle East. The Middle East is a strategically important region as a major crude oil supply source of the world.

Detailed explanation-2: -Oil and natural gas are the twin engines that power the Middle East’s economy. The region is home to 53 percent of the world’s proven oil reserves and nearly half of all known natural gas reserves.

Detailed explanation-3: -Oil sales have created immense wealth and boosted the economy in countries such as Saudi Arabia, Iran, Iraq, and Kuwait. Millions of people in these and other parts of the Middle East have homes, jobs and education as a direct result of oil.

Detailed explanation-4: -Saudi Arabia 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-5: -As of 2018, over 10 million barrels of crude oil were produced in Saudi Arabia of which 3 million barrels were consumed, on a daily basis. This crude oil is further refined to produce products such as diesel, fuel oil, gasoline, LPG, kerosene etc. by refineries like Saudi Aramco.