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.
Risk Management is the identification and assessment of any risk associated with a project. In understanding the risks associated, organizations can prepare and minimize the impact of its actual occurrence. In oil and gas, risk can include uncertainty in financial markets, change to commodity prices, project failures, accidents and even natural disasters. Risk management is not just about minimizing impact, it also includes maximizing opportunities caused by external factors.