Geography Year 8: Middle East: Middle East's Recources

How are oil and natrual gas formed?

Dead, small sea animals sunk to the bottom of the sea, and over millions of years, layer of silt and sand began to build up. The extreme pressure and heat resulted in them turning into Oil and Natrual Gas.

OPEC

Organization of Petroleum Exporting Countries, they where formed in 1960 in Baghdad. They consists of 14 different countires, some of these include: Saudi Arabia, Iran, Iraq and Libya. They are responsible for 40% of the world's oil production. The world's oil production is partially decided by the OPEC. However other countries like USA and Russia, are in charge of their own oil production.

How is oil and gas transported?

They are transported underground, as it's safer that way because it's less likely to burst. The distrubution of oil mostly come from countries in the Middle East, these include: Saudi Arabia, sells oil to East Asia and Yeman sends oil to Asia, Overall, most of the time Middle Eastern countries send oil to countries in Asia.

Some countries with the percentage of how much oil they own...

Saudi Arabia has 15.9% of the world's oil, 9.4% of the world's oil is with Iran. 90% of the hydrocarbon's sector in Saudi Arabia goes to goverment revenues. And 50% of Kuwait's hydrocarbon's sector goes to goverment revenue.

Why oil is not stable?

The prices of oil can easily drop, for example in 2007-2008 there was a financial crises, this led to oil prices dropping. Another example is that in 2019 there was corrona virus, this led to the prices being dropped again.

Countries can go into conflicts about who is in charge of the oil.

Oil and Gas are FINITE and NON-RENEWABLE meaning that they will run out and won't be replaced.

If a country relies on oil too much, it will limit the rest of the economy, this could lead to unemployment

Oil and Gas are hydrocarbons, so they release carbon dioxide, which is a greenhouse gas, so it adds to Global warming

Water scarsity is an enourmous problem, they should focus on that problem first.

Why should the Middle East continue to exploit oil

Saudi Arabia makes nearly a billion dollars a day in trading oil around the world.

Oil has helped lift the region out of poverty, and low developmemt and is now one of the richest areas in the world. It's also helping countries build a steady income.

The world still needs oil to function.