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FINANCIAL NEWS
GCC countries to raise share of global oil reserves to 70%
08 Jul 2012
(MENAFN) The Diplomatic Center for Strategic Studies (DCSS) announced in its latest report that during the first decades of the current century, the share of Arab Gulf countries of global oil reserves is expected to grow to 70 percent from 45 percent at the current time, reported Arab News.
The report by DCSS, which is based in Kuwait, showed that the 6 Gulf Cooperation Council (GCC) nations’ share of total oil crude exports is 25 percent, whereas they held 17 percent of the world proven gas reserves.
According to the report, Saudi holds 38.7 percent of global oil reserve, followed by Kuwait with 14.8 percent, the UAE with 14.3 percent and Qatar with 3.7 percent.
In terms of gas reserves, Qatar holds 46.3 percent of the global reserves, followed by Saudi with 14.5 percent, the UAE with 11.1 percent, Kuwait with 3.3 percent and Oman with a share of 1.7 percent of world gas reserves.
It is worth noting that according to a Crescent Petroleum data, the Gulf region, which includes the 6 GCC countries in addition to Iraq and Iran, produced more than 25.2 million barrels per day (bpd) of oil in 2010, representing over 30 percent of the world’s oil production, whereas output of natural gas reached 44.6 billion cubic feet per day, accounting for 15 percent of global gas production, in addition to a 32-percent share of global liquefied natural gas (LNG) exports.
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