Given the pace of global growth, experts say crude oil prices are higher than they should be — largely the result of concern that Iran might close the Strait of Hormuz in its showdown with the U.S. and European Union over the expansion of its nuclear program. According to the EIA, daily global production is 88.76 million barrels. The Middle East accounts for 31 percent; North America, 20 percent; Eurasia, 11 percent; Africa, Asia and Oceania, 9 percent; and Central and South America, Europe, 5 percent.
