Regional Mineral Industry Review Of The Near East (c210a5db-3e36-4378-bba6-c733c17ebfca)

Near East region countries continued to supply a large share of the world's energy requirements in 1965. The area accounted for nearly 27 percent of estimated total world crude oil output and for about 60 percent of world exports of this commodity. Also, it was the source of more than 40 percent of the world's petroleum refinery products exports. Although other mineral industry activities remained relatively in? significant in comparison with petroleum, regional production and export of certain metallic and nonmetallic mineral commodities were of world significance. Of these commodities, chief in importance were chromium, copper, mercury, antimony, boron, potash, and phosphate Tack. The Near East region contains the largest and most productive oil resources in the world. Petroleum exploration and development operations during 1965 resulted in crude oil reserve additions of almost 8 billion barrels to increase proved reserves to 219 billion barrels at yearend, an amount equal to nearly 68.5 percent of the world's proved oil reserves. Near East countries' production of crude oil averaged a record 8.337,575 barrels per day in 1965, an increase of nearly 11 percent over that of 1964. On an annual basis, Kuwait continued as the leading oil producer in the Near East; however, Saudi Ayabia was a close second and its rate of production in late 1965 exceeded that of Kuwait. The major oil producing nations and their percentage of total area crude oil output was Kuwait, 26.0; Saudi Arabia 24.3; Iran, 22.3; and Iraq 15.9.