Short Essay on the Oil Merchants of the Gulf
The countries Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates, and the Sultanate of Oman politically constitute the Gulf Cooperation Council which was constituted on 26th May 1961.The aim of this Council was to promote coordination among member oil merchant states in all areas to achieve unity. In 2006, the Persian Gulf countries produced about 28 percent of the worldâs oil, while holding 55 percent of the worldâs crude oil reserves. ADVERTISEMENTS: Saudi Arabia the largest of the Gulf countries possesses both the worldâs largest oil reserves which are 25% of the worlds proven reserves, and produces the largest amount of the worldâs oil. Saudi Arabiaâs decision to raise or cut production almost immediately impacts world oil prices.Half of Saudi Arabiaâs total oil production comes from Ghawar field. It…