Abstract:

The oil crises that emerged in 1973 and 1979 and the resulting price increases made energy, especially oil, one of the most important factors of growth in the world economy. There is a very close relationship between the economic growth levels of countries and the amount of energy demand and consumption. Despite the increasing dependence and demand on energy, energy reserves are depleting rapidly. This situation has led to an increase in the interest in the Middle East region, where approximately 48% of the world's oil reserves and 40% of natural gas reserves are located. The oil and natural gas reserves and production amounts of the Middle East have the most important place in the economic growth of the countries in the region. In the study, the reserves, production and consumption levels of oil and natural gas in the Middle East region and the effects of these resources on the regional economies are discussed. In the analysis phase, the relationship between oil production and economic growth for Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, Syria, UAE and Yemen, which are important oil producers in the Middle East Region, was investigated by panel data analysis. According to the analysis result; An increase in oil production by 1% causes a 0.9% increase in economic growth. The oil reserves and production amounts of the Middle East have the most important place in the economic growth of the countries in the region.

Keywords: