The countries of the Middle East region analyzed in this chapter are Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates (UAE), and Yemen.
The Middle East is the top petroleum-producing and exporting region in the world. In addition to having the world’s largest crude oil reserves, the Middle East contains vast natural gas reserves that contribute to its production of condensate and natural gas liquids (NGL). The region is a net exporter of refined products that consist primarily of naphtha, jet fuel and middle distillate.
Assuming it is able to maintain relative political stability in 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. It is expected to provide more than half of the world’s projected increase in crude oil and condensate requirements by 2035.
The Middle East will emerge as a significant supplier of refined products, especially ultra-low-sulfur diesel ...