Feb. 13, 2019 - The Middle East plays a vital role in global energy. More than two thirds of the world’s oil reserves, one third of gas reserves, and more than 30% of fossil energy is produced in the Middle East.
150 oil fields account for half of the world’s oil production, most of which are located in the Middle East.
The Ghawar oil field in Saudi Arabia alone has yielded 62 billion barrels of oil and has billions more to produce.
59 million oil barrels are transferred through maritime routes every day. The Strait of Hormuz ranks at the top with 18.5 million bpd.
On numerous occasions, the Iranian regime has threatened the security of the world's energy production through creation of crises.
Iran's political and military officials have repeatedly threatened to destroy Saudi Arabia and other Gulf countries.
On March 22, 2018, Iran-backed Houthis in Yemen attacked Saudi oil installations using Iran-made "Badr" missiles. On March 30, 2018, a similar attack was launched with the same type of missiles.
Enjoying the Tehran’s military and arms support, Houthis attacked Saudi Aramco oil installations in Jizan region using Iran-made missiles.
On July 19, 2018, Houthis used drones supplied by Iran to attack a Riyadh refinery in Saudi Arabia. Houthis have launched more than 195 missiles at Saudi Arabia and its oil installations so far. Continuation of this trend can endanger energy production across the world.
Iranian officials, including its president Hassan Rouhani, have threatened to block the Strait of Hormuz, triggering statements by other nations. Egyptian President Abdel Fattah el-Sisi said, "If the security of the Persian Gulf is endangered, Egypt will intervene militarily."
The regime's actions can be extremely harmful to the security of global energy, which in turn will have serious ramifications for the world economy.