Harvesting an abundance of oil and natural gas resources, the Middle East supplies nearly half of all exports to the global oil market. Middle Eastern countries Iran, Iraq, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates are all members of the Organization of the Petroleum Exporting Countries (OPEC), which pumps roughly 40% of the world's oil, with Saudi Arabia leading the pack for the greatest amount of output. OPEC's crude oil production was 28.7 million barrels per day in the first half of 2009.
Budget and cost control professionals play an important role in oil and gas projects and organizations. The goal of these individuals is to keep costs down and widen profit margins. Budgeting refers to forecasting the future costs of a specific project, or an entire fiscal year. Budgeting professionals will try to plan for every expense and come as close as possible to the actual figure. Cost control refers to containing expenses and monitoring how close to budget a project or company is. Both budgeting and cost control professionals are found in every aspect of oil and gas, and while they are most closely associated with the design and construction phase, they continue to monitor costs throughout a project’s life cycle.