Which region supplied two-thirds of the world's oil in 1960-1970?

Which region supplied two-thirds of the world's oil in 1960-1970?

• A. Middle East
• B. North America
• C. Europe
• D. Soviet Union

Answer: (A)

The main idea is that oil production is strongest where reserves are largest and export infrastructure is well developed. In the 1960–1970 period, the Middle East held the bulk of the world’s proven oil reserves and rapidly expanded its production, with giant fields like Saudi Arabia’s Ghawar and other large fields in Kuwait, Iraq, Iran, and the UAE driving exports. This combination of vast, easily tapped resources and the capacity to move oil to markets allowed the region to supply roughly two-thirds of global oil. By contrast, regions such as North America and Europe had limited remaining growth in their own fields and faced aging production, while the Soviet Union contributed a significant but smaller share relative to the Middle East. The result is that the Middle East emerged as the dominant supplier, a shift that also shaped global trade and price dynamics and led to the formation and influence of producer groups that coordinated oil policy starting around that era.

The main idea is that oil production is strongest where reserves are largest and export infrastructure is well developed. In the 1960–1970 period, the Middle East held the bulk of the world’s proven oil reserves and rapidly expanded its production, with giant fields like Saudi Arabia’s Ghawar and other large fields in Kuwait, Iraq, Iran, and the UAE driving exports. This combination of vast, easily tapped resources and the capacity to move oil to markets allowed the region to supply roughly two-thirds of global oil.

By contrast, regions such as North America and Europe had limited remaining growth in their own fields and faced aging production, while the Soviet Union contributed a significant but smaller share relative to the Middle East. The result is that the Middle East emerged as the dominant supplier, a shift that also shaped global trade and price dynamics and led to the formation and influence of producer groups that coordinated oil policy starting around that era.