The Middle East is Ramping Up Production
The four principal Gulf States have been ramping up their rig count in search of new oil since 2011 and have actually accelerated their effort since oil prices started to collapse last year. The Saudis, Kuwait and the United Arab Emirates have all lifted their effort by about 100 percent over the past five years. Only Qatar has remained stagnant. All this shows that the Gulf States are much more concerned with preserving market share than they are with stabilizing the price of oil or conserving resources.