The Middle East will be remembered in 2019 as a place of unexpected high-risk events for oil, but the year ahead will likely bring a crucial transition for the world's largest oil producing and exporting region as it plays a more proactive and dynamic role in shaping the global oil markets. Conventionally, the Middle East has enjoyed a comfortable position, with plenty of oil to supply as the world's swing producer and geographically advantaged ocean access to main demand centers in the world. It has banked on these factors with discriminatory pricing mechanisms and long-term contracts to lock in revenues from its No. 1 resource: crude oil.
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