Arab oil reserves amount to 710 billion barrels: Oapec

account for 55.6% of world's total reserve

KUWAIT¬†1 June 2017: Total proved reserves of members of the Organisation of Arab Petroleum Exporting Countries¬†(Oapec), amounted to 710 billion barrels, accounting for 55.6 per cent of the world’s total reserves, in early 2017, the organisation said.

Total gas reserves held by the eleven members of the organisation stand at 54 trillion cubic metres, or 27.7 per cent of the world’s total reserves, said Turki Hasan Al Hamash, an expert at Oapec’s Department of Technical Affairs, was quoted by state Kuwait News Agency, said Wam.

Average daily crude oil and natural gas production in the 11 Arab countries exceeded 25 million barrels per day by the end of 2016, he said, while noting that in 2015, Arab producers sold more than 575 billion cubic metres of natural gas.

The eleven members of the regional inter-governmental organisation established in 1968 are the UAE, Bahrain, Algeria, Saudi Arabia, Syria, Iraq, Qatar, Kuwait, Tunis, Libya and Egypt.

By Rajive Singh