As of February 28, 2025, the exchange rates for the currencies of major oil-producing countries in the Middle East are as follows:
CountryCurrency CodeExchange Rate. (1 USD to local currency)
Saudi Arabia SAR 3.75
United Arab EmiratesAED3.67
Kuwait KWD0.31
Bahrain BHD0.38
Oman OMR0.38
Qatar. QAR3.64
Iraq IQD1,460
Iran IRR42,000
Please note that these rates are approximate and can fluctuate due to various economic factors. For the most accurate and up-to-date information, it’s advisable to consult official financial institutions or currency exchange services.
Now let’s look at oil reserves of each of these nations
The oil reserves for each of the major oil-producing countries in the Middle East are as follows (estimated values as of the latest reports):
1.Saudi Arabia
Proven Oil Reserves: 267 billion barrels
Saudi Arabia holds some of the largest oil reserves in the world, particularly in the Ghawar field, the largest onshore oil field globally.
2.United Arab Emirates (UAE)
Proven Oil Reserves: 97.8 billion barrels
Most of the reserves are located in the emirates of Abu Dhabi, with key fields being Zakum and Umm Shaif.
3.Kuwait
Proven Oil Reserves: 101.5 billion barrels
Kuwait’s reserves are concentrated in the Burgan field, the world’s second-largest oil field.
4.Bahrain
Proven Oil Reserves: 124.6 million barrels
Bahrain has smaller reserves compared to other Gulf countries, but it also relies on offshore oil fields, such as the Bahrain field and the recently discovered Khaleej Al Bahrain.
5.Oman
Proven Oil Reserves: 5.4 billion barrels
Oman’s reserves are smaller relative to its neighbors, but the country has been expanding production through enhanced oil recovery (EOR) techniques.
6.Qatar
Proven Oil Reserves: 25.2 billion barrels
While Qatar is more famous for its natural gas reserves, it still holds significant oil reserves, primarily from the offshore Al-Shaheen field.
7.Iraq
Proven Oil Reserves: 145 billion barrels
Iraq is home to some of the largest untapped oil fields, including the Rumaila and West Qurna fields.
8.Iran
Proven Oil Reserves: 157 billion barrels
Iran has vast oil reserves, particularly in the South Pars gas and oil field and the Azadegan field.
Any thoughts people ? What do you think 🤔………