Strengthen our Economic and Trade Relations with Oil-Producing Countries in the Middle East

Fu Zhengluo and An Baojun

Chinese Economy, 1983, vol. 16, issue 4, 27-36

Abstract: The Middle East has the richest petroleum deposits in the world. Proven petroleum deposits account for 55 percent of the world's total (at the beginning of 1981); crude oil, about 30 percent of the world's total. Holding the key to three continents - Europe, Asia, and Africa - the Middle East occupies a strategic position of vital importance. Seventy to 80 percent of the oil consumed by Western Europe and Japan comes from the Middle East, and the United States is still largely dependent upon the region for oil supplies. Therefore as far as Western Europe, Japan, and the United States are concerned, the supply of oil from the Middle East, at least for the moment, is their lifeline. In seeking global hegemony, the Soviet superpower spares no effort to penetrate the Middle East and expand its influence, to bring under its control this oil-rich region and the strategically important oil passageway.

Date: 1983
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