How Long Will Oil Last In The Middle East?

How long will UAE oil reserves last?

about 299 yearsOil Reserves in the United Arab Emirates The United Arab Emirates has proven reserves equivalent to 299.0 times its annual consumption.

This means that, without Net Exports, there would be about 299 years of oil left (at current consumption levels and excluding unproven reserves)..

Who is the number 1 oil producing country?

The United StatesThe United States is the top oil-producing country in the world, with an average of 19.47 million barrels per day (b/d), which accounts for 19% of the world’s production.1 The U.S. has held the top spot for the past six years.

What country has the most oil in the Middle East?

Saudi ArabiaThe countries in the Middle East are renowned for their vast oil reserves in the global market. While the largest importer of oil and petroleum is the United States, the leading producer of oil in the Middle East is Saudi Arabia with over 12 million barrels of oil produced per day as of 2018.

Will the Middle East ever run out of oil?

Middle East countries could run out of money long before they run out of oil, according to a stark warning issued by the International Monetary Fund (IMF) in a report today. … That means the clock is ticking for Gulf oil exporters to fundamentally rebalance their economies.

How many years of oil does Saudi Arabia have left?

221 yearsOil Reserves in Saudi Arabia Saudi Arabia has proven reserves equivalent to 221.2 times its annual consumption. This means that, without Net Exports, there would be about 221 years of oil left (at current consumption levels and excluding unproven reserves).

What percentage of oil does the Middle East have?

64.5%According to current estimates, 79.4% of the world’s proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 64.5% of the OPEC total.

Is there an alternative to oil?

The main alternatives to oil and gas energy include nuclear power, solar power, ethanol, and wind power. … The many oil alternatives are ballooning as more research and development occurs in this space, and as supply and demand laws of economics eventually push down prices to be competitive with traditional fossil fuels.

Which country is running out of oil?

With years of production left at the current level estimated at six, Colombia is on top of this list of 10 countries that are running out of oil.

Which Arab country has the most oil?

Saudi ArabiaSaudi Arabia Saudi Arabia is the world’s largest oil producer and accounts for roughly 15% of global output.