"Global energy markets remain in a state of high alert after several Gulf states suspended oil and gas production following escalating tensions in the region. Since Saturday's attacks by the United States and Israel, Tehran has targeted various sites in Israel and across several Gulf countries."
"The Middle East remains the world's dominant source of hydrocarbon reserves and a major driver of crude oil and natural gas output. Nearly half of the world's oil reserves and exports come from the Middle East, which contains five of the seven largest oil reserves in the world."
"Saudi Arabia is also the world's top oil exporter with an estimated $187bn of crude in 2024, according to data from the Observatory of Economic Complexity (OEC). Other Middle Eastern countries with sizeable oil exports include: Oman ($28.9bn), Kuwait ($28.8bn) and Qatar ($21bn)."
Following escalating regional tensions and attacks by the United States and Israel, Iran has targeted various sites across the Middle East. While initially focusing on US military assets, reports indicate Iranian attacks have expanded to include civilian infrastructure such as hotels, airports, and energy facilities. Iranian officials publicly deny targeting Gulf energy facilities. The Middle East contains nearly half of the world's oil reserves and exports, with Saudi Arabia holding the second-largest proven reserves at 267 billion barrels, followed by Iran at 209 billion barrels. Saudi Arabia leads as the world's top oil exporter at $187 billion in 2024, with the UAE and Iraq also among major exporters. Global energy markets remain highly alert due to suspended oil and gas production in several Gulf states.
Read at www.aljazeera.com
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