Oil and Gas
See also: Strait of HormuzThe Persian Gulf and its coastal areas are the world's largest single source of crude oil, and related industries dominate the region. Safaniya Oil Field, the world's largest offshore oilfield, is located in the Persian Gulf. Large gas finds have also been made, with Qatar and Iran sharing a giant field across the territorial median line (North Field in the Qatari sector; South Pars Field in the Iranian sector). Using this gas, Qatar has built up a substantial liquified natural gas (LNG) and petrochemical industry.
In 2002, the Persian Gulf nations of Bahrain, Iran, Iraq, Kuwait, Qatar, Saudi Arabia, and the UAE, produced about 25% of the world's oil, held nearly two-thirds of the world's crude oil reserves, and about 35% of the world natural gas reserves. The oil-rich countries (excluding Iraq) that have a coastline on the Persian Gulf are referred to as the Persian Gulf States. Iraq's egress to the gulf is narrow and easily blockaded consisting of the marshy river delta of the Shatt al-Arab, which carries the waters of the Euphrates and the Tigris rivers, where the east bank is held by Iran.
Read more about this topic: Persian Gulf
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