Source: Source: US Department of Energy, Energy Information Administration, International Energy Annual Report http://www.eia.doe.gov

Share of OPEC and the Persian Gulf in the World Crude Oil Production, 1960-2008

Since the first Oil Shock (1973), the share of world oil production controlled by OPEC members fluctuated to a peak of 55% in 1973 to a low of 30% in 1985, and climbed above the 40% mark in the 1990s to reach 45% in 2008. OPEC countries are dominantly around the Persian Gulf, so variations in their share of in oil production are closely linked. About 25-30% of the global oil production takes place in the Persian Gulf, underlining its strategic importance.

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