Israel - Company Discovers Oil Near Dead Sea

Israel - An Israeli company has discovered a small amount of oil at a drilling site near the Dead Sea, raising hopes that the Israel could one day join its regional neighbors as a petroleum producer.

Initial tests have found that the site would yield between 100 to 150 barrels daily, said Eli Tannenbaum, geologist for the Ginko oil exploration company. While this is minuscule by global standards - No. 1 producer Saudi Arabia produces 9 million barrels a day - Tannenbaum said there are signs that larger amounts of crude are nearby.