Arab oil reserves amount to 710bn barrels in 2017
The Organisation of Arab Petroleum Exporting Countries (OAPEC) controls reserves of about 710bn barrels, accounting for 55.6% of the world's total reserves, in early 2017, the cartel has announced
Total proved reserves of members of the Organisation of Arab Petroleum Exporting Countries (OAPEC) amounted to 710bn barrels, accounting for 55.6% of the world's total reserves, in early 2017, the organisation has announced.
Total gas reserves held by the eleven members of the organisation stand at 54tn cubic metres, or 27.7% of the world's total reserves, said Turki Hasan Al Hamash, an expert at OAPEC's Department of Technical Affairs, was quoted by the official Kuwait News Agency (KUNA), as saying.
Average daily crude oil and natural gas production in the eleven Arab countries exceeded 25mn barrels per day by the end of 2016, he said, while noting that in 2015, Arab producers sold more than 575bn cubic metres of natural gas.
The statements were made during OAPEC's 24rd Forum on Fundamentals of Oil and Gas Industry, on April 9th in Kuwait.
The eleven members of the regional oil organisation established in 1968 are the UAE, Bahrain, Algeria, Saudi Arabia, Syria, Iraq, Qatar, Kuwait, Tunisia, Libya and Egypt.