The Development Status and Prospects of Arab Oil and Gas Industry

Abstract

Abstract: This article provides a comprehensive overview of the development status of Arab oil and gas industry as well as a comparative analysis of the position and influence of Arab oil and gas reserves and production in the world energy market. After tracking the 2012 oil and gas developments in the Arab countries and outlining the comprehensive production capacity and world rankings of the top ten Arabian Oil, the article analyzes and explores the development prospects for Arab oil and gas industry. The author considers that since traditional oil would be dominant in the world’s energy supply over the next few decades, the Arab oil-producing countries would keep their important roles and prominence in the world oil market. With the gradually improving economic situation in the Arab countries, the oil and gas industry of the Arab countries is poised for another surge of development, and the Chinese oil and gassector may actively seize the opportunity to participate.