Mideast Countries Struggle To Grow Oil Reserves

The Middle East has been hit hard by the changing climate, with some oil-rich nations facing both drought and a massive exodus of their citizens heading to warmer lands. But despite its troubles, some…

Mideast Countries Struggle To Grow Oil Reserves

The Middle East has been hit hard by the changing climate, with some oil-rich nations facing both drought and a massive exodus of their citizens heading to warmer lands. But despite its troubles, some countries in the region are still pushing for more of it to come from the ground beneath their feet.

Amid rising global demand, Saudi Arabia, Qatar, Abu Dhabi and others are still eager to dig deep.

Three-quarters of the countries within the Arabian Peninsula and those in the Gulf Cooperation Council are so far unable to bring on new oil and gas production, according to a study released Friday from The Washington Institute for Near East Policy. Those countries are not only losing out on revenue, they are also trapped in a cycle of dependence because they still depend on crude for a large chunk of their GDP, despite a decade-long boom in gas production.

Last year, the region’s small, medium and large economies saw a drop in oil and gas extraction, due mostly to production declines at several fields. Those types of declines will increase over the next five years, the report said.

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