Main Gulf states produce record amounts of oil


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

Comments (2)
  • nemonemo
    , contributor
    Comments (338) | Send Message
     
    Morning news: US overtakes all of gulf.

     

    Night news: Gulf produced record surpassing all other countries.

     

    Lol.
    14 Oct 2013, 02:43 AM Reply Like
  • User 353732
    , contributor
    Comments (5161) | Send Message
     
    Iran is being marginalized and bad policies in Mexico, Nigeria and Venezuela are keeping production below potential while Libya after being "rescued" by the US Regime and its bombs produce less than it did before the rescue because it is close to being a failed state.

     

    The less revenue Iran has and the more the Gulf states have the less terrorism Iran can finance and the able the Syrian Regime to overcome prevail I its civil war while the more financially secure becomes the Egyptian Regime( Gulf largesse) and the more the US is rendered both impotent and irrelevant in the Middle East
    14 Oct 2013, 07:20 AM Reply Like
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