
When we think of oil, the part of the world that comes to our mind first may be the Middle East. But oil development takes place all over the world. Nigeria, for example, is the largest oil producer in Africa and the eleventh largest producer in the world. Russia is the world's second largest exporter of oil and the top exporter of natural gas. But the country that produces and exports more oil than any other is Saudi Arabia. The Saudis hold one-fourth of the world's oil reserves.
Last year, Saudi Arabia and other Persian Gulf(波斯湾) countries produced about twenty-eight percent of the world's oil supply and held about fifty-five percent of known reserves. The other Gulf producers are Bahrain(巴林), Iran, Iraq, Kuwait, Qatar(卡塔尔) and the United Arab Emirates(阿拉伯联合酋长国). Iran has ten percent of the world's oil reserves. Iraq is also said to have a large supply of oil, and unknown areas may hold much more.
In 1960 Iran, Iraq, Kuwait, Saudi Arabia and Venezuela(委内瑞拉) formed the Organization of the Petroleum Exporting Countries(石油输出国组织). Today OPEC has twelve members. The newest is Angola which joined this year. High oil prices have brought new attention to OPEC. Its members produce about forty percent of the world's oil. But two of the world's top three oil exporters, Russia and Norway, are not OPEC members.
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