OAPEC: 30 percent of oil reserves in three Arab countries including Iraq


30/10/2016 13:17


Arabic countries organization petroleum exporting countries (OAPEC) to oil reserves in Saudi Arabia, Iraq and Kuwait about 511.2 billion barrels, indicating that it represents about 30 percent of total world oil reserves.

OAPEC said in an editorial published by the last monthly published by the Kuwait News Agency (Kuna), the total proven world oil reserves estimated at 1.697 trillion barrels at the end of 2015 ″, noting that "the proved oil reserves in the States members of the Organization (OAPEC) during the same period is estimated at approximately 701.6 billion barrels constitute about 41.3 percent of total world oil reserves.

She states that "since the mid-2014 postponed pump some us $ 222 billion of capital investments and development operations for about 4.2 million barrels of oil equivalent a day of maximum production capacity, noting that this could lead in the long term to a reduction in supplies and higher prices."

The average oil production in OAPEC Member States amounted to about 27 million barrels a day in 2015 problem rate of 29.5 percent of total world oil production. "

OAPEC pointed out, "the International Energy Agency predicts that global oil production up to 100.4 million barrels per day by 2040 and to up oil production to 7 Arabic States (Algeria, Iraq, Kuwait, Qatar, Libya, Saudi Arabia and UAE) to 35.3 million barrels representing approximately 35.2 percent of total world production in 2040.


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