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SW Asia/ Oil
Transcript of SW Asia/ Oil
southwest Asia is that the first South West oil was in 1908 in Persia which is today Iran. In 1938, oil companies found more oil fields in the Arabian Peninsula and Persian Gulf but , World War II interrupted further exploring. In 1948, oil companies discovered what would become one of the world’s biggest oil fields at Al-Ghawar. This field contained more than one quarter of all Saudi Arabia’s reserves of oil. the oil profit the population grew even more. -In the 21 st century, oil fueled industries, transportation, and its economy.
~this region has the largest oil reserves
~ Iraq has the 2nd largest oil reserve
~ oil reserves are only about 1% the size of those in Saudi Arbaia.
~ Yemen each year has not been sufficeint to pull its people out of proverty
~ money from selling oil hasnt eliminated proverty
Bridgette Cole & Megan Moreno
Most of the economies in North Africa/Southwest Asia are dominated by the production of petroleum. After the independence movement, other countries were able to buy the oil they needed at very cheap prices because the nations in the area competed with one another. Oil-producing countries formed an organization to help them cooperate called the Organization of Petroleum Exporting Countries (OPEC). OPEC countries decide together how much oil to produce and sell. The region contains 55% of the world’s oil, it refines only 5% of the oil it produces. The oil countries could make a lot more money by selling refined petroleum products, but because they have made so much money on crude oil, they have been very slow to diversify.
SW Asia/ Oil
~oil is so valuable that countries have gone to war over it.
~in 1990 Iraq invaded Kuwait to get control of Kuwait's oil reserves
~they were not able to prevent Iraqi soldiers from setting more than 730 oil wells in Kuwait on fire
~ took about 8 months to put out these raging fires