WORLD HISTORY

Detailed explanation-1: -The region is best known for oil production and export, which significantly impacts the entire region through the wealth it generates and through labor utilization. In recent years, many of the countries in the region have undertaken efforts to diversify their economies. 3.2% (2023 est.) 11.3% (2023 est.)

Detailed explanation-2: -The region is home to 53 percent of the world’s proven oil reserves and nearly half of all known natural gas reserves. Together, these two resources account for 51 percent of all goods the region exports (compared to the global average of just 12 percent).

Detailed explanation-3: -Without oil our machines, many of our factories, our way of life would come to a halt. Without oil we could not hold the sea, which permits us to hold together the far-flung fragments of the Free World and thereby keep an uneasy peace.

Detailed explanation-4: -The Middle East has 27 percent of the world’s oil production and five of the middle eastern oil producers are amongst the top ten oil producers in the world. These are Saudi Arabia, Iraq, Iran, United Arab Emirates and Kuwait.

Detailed explanation-5: -Saudi Arabia. Saudi Arabia produces almost 12 million barrels of oil per day and nearly 12% of world output. Iraq. Iraq produces about 4.8 million barrels of oil per day and is the sixth-largest producer in the world. United Arab Emirates. Iran. Kuwait.