U S War Against Terrorism in a deadly

U. S. War Against Terrorism in a deadly phase spreading across Middle East a geopolitical cauldron Caspian States on eastern flank & Mediterranean on western flank; bridge between Europe, Africa & Asia Important current battlefields within region include Iraq & Iran, West Bank, Somalia, Sudan & Afghanistan

As of January 2004, OPEC countries hold 77% of world's proven oil reserves Most major non-OPEC oil producers are very large consumers, & low exporters World 84 - USA consumes 20. 73, imports 13. 15 & exports 1. 048 million bbl/day Persian Gulf OPEC has the world's lowest oil finding & lifting costs Non OPEC oil liable to price collapse e. g. Russia etc Consumption grows 3% annually

1933: Chevron acquired a lease to explore in Saudi Arabia 1938: Steineke found oil at the Dammam dome 1938: Oil was first discovered in Kuwait 1939: Chevron had production & exported the first oil 1939: Oil is discovered in Qatar

Oil became commodity of military success In Second World War Germany controlled the oil of Romania Wanted to acquire Baku (Russian) & Persian Gulf (British Empire) BP was active in Middle East & retained control of Persian Gulf until the USA acquired exploration concessions in Saudi Arabia (5%) Cheaper oil for all!!!

September 1960, Organization of 1960 Petroleum Exporting Countries (OPEC) founded in Baghdad, Iraq OPEC’s proposed to unify & coordinate members' petroleum policies OPEC members' national oil ministers meet regularly to discuss prices Since 1982 set crude oil production quotas

Original OPEC members include Iran, Iraq, Kuwait, Saudi Arabia, & Venezuela Between 1960 & 1975, expanded to include Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), & Nigeria (1971) Ecuador & Gabon were members of OPEC, but Ecuador withdrew in December 1992, & Gabon followed suit in January 1995

Current 11 OPEC members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, & Venezuela Produce some 40% world's oil Have more than 77% world's proven oil reserves OPEC also holds most of world's excess oil production capacity

U. S. War Against Terrorism enters second deadly phase spreading to other regions of Middle East this year Middle East a geopolitical cauldron Caspian States on eastern flank & Mediterranean on western flank; bridge between Europe, Africa & Asia Important current battlefields are located within this region: - Iraq & Iran, the West Bank, Somalia, Sudan & Afghanistan

Saudi Arabia Iran Iraq Kuwait 264. 3 bbls 132. 5 bbls 115 bbls 101. 5 bbls 204 Tcf 94. 5 Tcf 110 Tcf 55 Tcf

Now to Supper!