Regional Mineral Industry Review Of The Near East

COUNTRIES of the Near East, with the world's largest and insist prolific petroleum resources, produced nearly 277 percent of the world's estimated total output of crude& oil in 1964 and accounted for about 60 percent of world exports of this commodity. Although petroleum largely dominated the mineral industry of tine area, production of antimony, chromium, copper, mercury, boron, potash, and phosphate rock was of world significance. Production of crude oil in Near East countries reached a record high of 7,520,000 barrels per day in 1964, an increase of nearly 11 percent over that of 1963. Kuwait maintained its position as the leading producer, accounting for almost 28 percent of the area's output. Saudi Arabia, Iran, and Iraq followed with 22.5, 22.2, and 16.5 percent of total area output, respectively. Despite record production, the Near East, proved crude oil reserve remained in excess of 211 billion barrels, or more than two-thirds of the estimated world proved crude oil reserve.