The Middle East is the top petroleum producing and exporting region in the world. In addition to the world’s largest crude oil reserves, the Middle East contains vast natural gas reserves that contribute to the region’s condensate and natural gas liquid (NGL) production. The region is a net exporter of refined products that consist primarily of naphtha, jet fuel and middle distillate.
Assuming the region is able to maintain relative political stability over the long term, the Middle East will continue to play a pivotal role in supplying the world’s crude oil requirements as well as filling the global shortfall in refined products. The region is projected to provide more than half of the world’s forecasted increase in crude oil and condensate requirements by 2035.
The Middle East will emerge as a significant supplier of refined products, especially middle distillate.