The Middle East is home to 5 of the top 10 oil-producing nations and is responsible for generating around 27% of total global output. Although state-owned companies produce the majority of the oil production, many multinational oil companies participate in the production of oil and related operations within Middle East by joint ventures or agreements for production sharing, as well as other business models.

Saudi Arabia

12 million barrels daily and is responsible for nearly 12 percent of global output. It was ranked as the world's largest oil producer between 2003 and 2012 but then dropped to the second position due to the increase in oil production within the United States. With oil reserves proven to be around 337 billion barrels and very low production cost, it should maintain its status as one of the top three oil producers in the near future.

The Saudi Arabian Ministry of Petroleum and Mineral Resources and the Supreme Council for Petroleum and Minerals regulate the gas and oil sector via Saudi Aramco. The Saudi Arabian oil corporation, Aramco, is mostly controlled by the Saudi government, but in December 2019, it had its first public offering, selling off 1.5% of its shares. At the same time, foreign oil firms stay out of Saudi Arabia's oil production.

Iraq

Iraq produces approximately 4.8 million barrels daily and is the 6th largest producer worldwide. The country has seen significant growth in production in the last two years, just two years after the outbreak of the Iraq War. But, the country is facing obstacles that could hinder production towards these goals, such as unstable political conditions, ongoing violence, and insufficient infrastructure.

The production of oil in the majority of Iraq is under the supervision of the Ministry of Oil in Baghdad. Ministry operates via state-owned enterprises, including the North Oil Company, the South Oil Company, and the Missan Oil Company. In the Autonomous Kurdistan area of Iraq, oil production is managed in the region by the local Ministry of Natural Resources.

United Arab Emirates

UAE is a confederation of seven emirates, which includes Dubai and the capital city of the united state, Abu Dhabi. UAE produces less than 4 million barrels daily, making it the seventh largest oil producer in the world. Seven Emirates manages the production of oil within its boundaries. But, Abu Dhabi is home to most of the known oil reserves within UAE territory. The emirate plays a significant part in formulating the federation's oil policy. State-owned Abu Dhabi National Oil Company is the sole authority for oil production operations conducted in Abu Dhabi.

Most oil production within Abu Dhabi is organized under agreements for production sharing between ADNOC and oil companies worldwide. Other emirates also use similar agreements to share production and service contracts to manage oil production. Some of the largest international corporations involved with UAE oil production are BP, Royal Dutch Shell, and ExxonMobil.

Iran

Iran is the ninth-largest oil-producing country in the world, with a production rate of 3.2 million barrels per day. However, the consequences of economic sanctions against Iran are keeping production lower than its true potential. As per the U.S. Energy Information Administration (EIA), the sanctions have had devastating impacts on investments in oil and gas upstream and numerous canceled investment projects.

The year was July 2015 Iran reached an accord with permanent members of the U.N. Security Council and Germany on JCPOA, in which Iran was able to set strict limits regarding its nuclear programs in exchange for a lifting of economic sanctions from the international community.

Production of gas and oil in Iran is managed through the government-owned NIOC under supervision of Supreme Energy Council. Although international corporations have been involved in exploration and development in Iran through buyback agreements. This contract model does not grant equity rights to an international firm.

Kuwait

Kuwait produces more than 3 million barrels each day, which puts it in the top 10 producers of oil worldwide. It has maintained a consistent production that ranges between 2.5 million barrels and 3 million barrels per day; however, Kuwait has been trying to boost output to four million barrels per day over this time and has been unable to do so due to a lack of foreign investment, and the resulting delays in new production projects. Kuwait's Ministry of Oil carries out the oil policy within Kuwait through the Kuwait Petroleum Corporation, which is owned by the state. Kuwait Petroleum Corporation as well as its affiliates.