Main Gulf states produce record amounts of oil

|By:, SA News Editor

Saudi Arabia, Kuwait, the United Arab Emirates and Qatar produced record amounts of oil on aggregate in each of the last three months as they offset problems with supplies from Iran, Libya and Nigeria.

The Gulf states produced 16.4M barrels a day in Q3, which is worth over $150B when prices are above $100 a barrel.

"Despite the (U.S.) shale revolution, the Middle East is and will remain the heart of the global oil industry for some time to come," says Fatih Birol, the International Energy Agency's chief economist.

The U.S. purchases almost 60M barrels a month from the Gulf even though American production has soared.

JJE, RJN, DBE, UBN, RGRE, OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL