Target Market: MENA Region
MENA Region
MENA has massive reserves of petroleum and natural gas that make it a vital source of energy. MENA has 70% of the world’s oil reserves and 46% of the world’s natural gas reserves. Major OPEC nations are from the MENA region. Not only does MENA have a major portion of the world’s oil, but it also has major production of oil. Furthermore, the MENA region fulfills the energy demand of most nations.
RBE operates from the MENA region’s cosmopolitan city of Dubai and aims to grow by providing oil trading services in the MENA region.
Oil Reserves
Major world oil reserves are based in MENA region. This huge size of oil reserves in the MENA region provides RBE with a strong and sustainable future in which RBE has devised a strategy to grow its share in oil trading. MENA is the major supplier of world oil and its oil reserves will enable it to be a major oil provider in the future. Saudi Arabia not only has the most oil reserves in MENA but also in the world. After Saudi Arabia; Iraq, Kuwait, United Arab Emirates and Libya have a major share in oil reserves of the MENA region.
Region’s Oil Reserves as of 2011 ( Billions of Barrels )
Oil Production
As the MENA region has most of the oil reserves, likewise it has most of the world’s oil production as well. Saudi Arabia, United Arab Emirates, Kuwait, Iraq and Algeria are major oil producers in the region.
Projections of MENA’s oil production portray a bright image for the region as it is estimated that by 2030 the MENA region alone will be producing 50.5 million barrels per day, this will shift in oil.
Production will provide an opportunity for RBE to grow. Therefore, RBE’s strategy is to exploit this growth potential that MENA region provides.
MENA Region’s Per Day Oil Production (2011)