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Middle East holds the largest reserves of oil and gas in the world. Saudi Arabia has long been the first country with the largest reserves in the world with 267 billion barrels of proven oil reserves and it also has the largest oil fields in the world, Ghawar. Very large reserves are also located in Iraq, Iran, Kuwait and United Arab Emirates as well as Qatar and Oman. Oil and gas revenues enabled a rapid development of the region but it remains seriously dependent on exports of hydrocarbons

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