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Impact on global trade patterns and world oil reserve

Impact on global trade patterns and world oil reserve 
In 1976, Latin America, Western Europe, and Asia combined produced a mere 16 percent of global oil; in 1996, they produced 33 percent of world oil. Conversely, as noted above, the same twenty-year period saw the Persian Gulf production decline from 37 percent to 27 percent in 1996.10 The new crude sources also has a major impact on global trade patterns; Europe and North America increasingly relied on the North Sea and the Americas while Asian countries increase their dependency on the Gulf's oil.

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