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Because of large reserves that center around the Persian Gulf, the middle east often produces as much as two-thirds of the water supply of Petroleum.
Petroleum production in the Middle East
- About 27% of the world's oil output comes from the Middle East, which is home to five of the top 10 oil-producing nations.
- Although a large portion of the world's oil is produced by state-owned firms, a large number of foreign oil corporations participate in Middle Eastern oil production and associated operations through joint ventures, production-sharing agreements, and other business models.
- Under the direction of the Supreme Petroleum Council of the emirate, the Abu Dhabi National Oil Company (ADNOC) oversees oil production activities in Abu Dhabi.
- At around 3.2 million barrels per day, Iran is the ninth-largest oil producer in the world, but the consequences of economic sanctions have maintained production levels below true capacity.
- ADNOC and foreign oil corporations have production-sharing agreements in place for the majority of Abu Dhabi's oil production.
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