Arab Today, arab today gcc share of global oil reserves likely to rise
Last Updated : GMT 16:48:56
Arab Today, arab today
Arab Today, arab today

GCC share of global oil reserves likely to rise

Arab Today, arab today

Arab Today, arab today GCC share of global oil reserves likely to rise

Riyadh - QNA

Share of the Gulf Cooperation Council (GCC) countries to the world oil reserves is predicted to rise from the current 45 percent to 70 percent during the first decades of the current century, according to the latest report by the Kuwait-based Diplomatic Center for Strategic Studies (DCSS),cited by Arab News daily. The GCC countries captured 25 percent of total world oil crude exports and retain 17 percent of world proven gas reserves. Based on earlier data filed by Crescent Petroleum, the Gulf region, comprised of the six countries of the GCC plus Iran and Iraq, holds 56 percent and 40 percent of the world\'s conventional oil and gas proven reserves. In 2010, the Gulf Region produced over 25.2 million barrels of oil per day, and 44.6 billion cubic feet of natural gas per day, accounting for over 30 percent of the world\'s oil production, 15 percent of gas production, and 32 percent of liquefied natural gas (LNG) exports, according to Crescent Petroleum data. Country-wise, Saudi Arabia retains 38.7 percent of world oil reserves whereas shares of Kuwait, the United Arab Emirates (UAE) and Qatar stand at 14.8 percent, 14.3 percent and 3.7 percent respectively. With regards to gas reserves, Qatar ranks the third globally at 46.3 percent followed by Saudi Arabia, the UAE, Kuwait, and Oman at 14.5 percent, 11.1 percent, 3.3 percent, and 1.7 percent respectively. As the biggest oil producer in the world and with a proven reserve of 264 billion barrels, Saudi Arabia could continue oil supplies for the next 80 years at the current production levels, the report said. Proven oil reserves in the GCC region are poised to increase due to advanced technologies being used in oil exploration processes. Additionally, engineering and geological studies have shown that new oil discoveries will possibly be announced in the GCC region, the report said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gcc share of global oil reserves likely to rise Arab Today, arab today gcc share of global oil reserves likely to rise

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Nermein Al Fekki films “Foxes in the Valley”

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday