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Arab 2011 crude deposits rise by 29b barrels

07 Feb 2012

(MENAFN) The Organization of Arab Petroleum Exporting Countries (OAPEC) said that at the beginning of last year, overall Arab recoverable crude deposits jumped by around 29 billion, reported Emirates 24/7.

The organization added that the growth resulted from a huge revision for Iraq’s oil wealth as the country made new major discoveries, with extractable oil reserves revised up by nearly 28 billion barrels through 2010.

It also said that the increase in Iraq’s oil resources lifted up the combined Arab proven crude reserves to 712 billion barrels at the start of 2011, from around 683.6 billion at the start of the previous year.

It is worth noting that the total Arab oil resources at the end of 2010 represented 57.8 percent of the world’s total crude reserves.

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