The middle east is the largest oil-producing region in the world. It accounts for about a third of the total world production of oil. The main producers of oil in this region include Saudi Arabia, Iraq, Kuwait, Iran, and the United Arab emirates.
The following are advantages of oil production in the Middle East:
- Provision of energy and power. Petroleum provides the Middle East and the world at large with energy and power for various purposes, including the running of manufacturing plants, mining machinery, and vehicles.
- Oil production has been the major source of foreign exchange in the Middle East. The Middle East countries earn a lot of foreign exchange from exporting oil to the rest of the world. Foreign exchange earned increases the capital base for the development of other sectors such as trade and commerce.
- Oil production is the source of employment for the people in the Middle East. A good number of people in the Middle East have been employed in the petroleum production sector providing them with a source of income.
- Improvement of social services. The revenue earned from the oil industry is used to establish and strengthen social services and amenities such as schools, hospitals, sports, and garbage collection.
- Improvement of transport. The income generated from petroleum mining has enabled middle eastern countries to develop roads, railways, harbors, and airports. This has, in turn, improved transportation activities in the region.