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The Middle East holds 62 percent of the world's proven oil reserves (2008)
World Energy Consumption
In the 1970s, international companies had unrestricted access to 85 percent of the world's known oil reserves at the time
The world crude oil production grew from 21 million barrels per day in 1960 to 56 mbd in 1973, a growth of 166%
Developed industrialized countries consume around 43 millions oil barrels daily on an average while developing countries consume 22 million (2008)
After the Second World War, the business was dominated by a small group of very powerful companies (the Seven Sisters): Standard Oil of New Jersey, which become Exxon; Royal Dutch Shell; British Petroleum; Standard Oil of New York, or Socony, which became Mobil; Standard Oil of California, or Socal, later Chevron; Gulf Oil; and Texaco
As of 2008, China imports about half its oil supplies from the Middle East and one-third from Africa
Angola exported roughly 465,000 barrels of oil per day to China in the first six months of 2007
During the Oil Crisis of the 1970s, oil spiked at a nominal peak of $38. In today's prices (adjusted for inflation), that is $106, a figure that we blew past in early 2008
Over the last decade, the price of oil has taken a roller coaster ride, rising steadily from 2002 to 2007, soaring in 2008 to a peak of $147 a barrel before plummeting to $33 just five months later as the global economic meltdown suppressed demand (2009)
In 1973, oil accounted for 46 percent of the world's total energy consumption; by 2005, its share had declined to 35 percent
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