An updated analysis from the International Energy Agency (IEA) has determined that the current oil price environment has boosted the share of oil produced in the Middle East. At 31 million barrels per day, the region now accounts for 35% of global oil supplies, the highest level since 1975, according to data from the IEA.
This is why the U.S. keeps a carrier group in the Persian Gulf.
Read: http://www.oilandgas360.com/middle-east ... 66f7d6c558
Middle East share of global oil market goes up
Middle East share of global oil market goes up
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group