The Persian Gulf contains 715 billion barrels of proven Oil reserves, representing over half (57%) of the worlds oil reserves, and 2,462 Tcf of Natural Gas reserves (45% of the world total). Also, at the end of 2003, Persian Gulf countries maintained about 22.9 million bbl/d of oil production capacity, or 32% of the world total. Perhaps even more significantly, the Persian Gulf countries normally maintains almost all of the worlds excess oil production capacity. As of early September 2004, excess world oil production capacity was only about 0.5-1.0 million bbl/d, all of which was located in Saudi Arabia.
According to the Energy Information Administrations International Energy Outlook 2003, Persian Gulf oil production is expected to reach about about 26 million bbl/d by 2010, and 35 million bbl/d by 2020, compared to about 21.7 million bbl/d in 2000. This would increase Persian Gulf oil production capacity to 33% of the world total by 2020, up from 28% in 2000.