OPEC: Iraq, Saudi Arabia and Kuwait have 30% of the oil reserves in the world
OPEC: Iraq, Saudi Arabia and Kuwait have 30% of the oil reserves in the world
Sunday, October 30, 2016 10:05
BAGHDAD / Baghdadi News / .. diagonals of Arab Petroleum Exporting Organization, confirmed (OAPEC), said Sunday that oil reserves in Saudi Arabia and the Republic of Iraq and Kuwait at about 511 billion barrels indicating that it represents about 30 percent of total world oil reserves.
The (OAPEC) in a report I followed / Baghdadi News /, that “the world’s total proven oil reserves estimated at 697.1 trillion barrels at the end of 2015,” indicating that “the proven oil reserves in the members of the Organization Countries (OAPEC) estimated during the same period estimated at 6.701 billion barrels account for about 3.41 percent of the total global oil reserves. ”
It pointed out that “since mid-2014 has been postponed to pump about 222 billion US dollars of capital investment and development operations for about 2.4 million barrels of oil equivalent per day of maximum production capacity,” pointing out that “this could lead in the long term to a reduction in the supplies and a rise in prices. ”
The organization stressed that “the average oil production in the Member States of the Organization of OAPEC amounted to about 27 million barrels per day in 2015, the problem of 5.29 percent of the world’s total oil production,” pointing out that “the International Energy Agency predicts that global oil production up to 4.100 million barrels per day by 2040 and that oil production up to the seven Arab countries (Algeria, Iraq, Kuwait, Qatar, Libya, Saudi Arabia and United Arab Emirates) to 3.35 million bpd, accounting for about 2.35 percent of the total global output in 2040 “.anthy 21 / t
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