OAPEC Crude Oil Reserves Reached 703 Billion Barrels

(MENAFN- Saudi Press Agency) Abbas Ali Al-Naqi, Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC), announced that the proven reserves of crude oil for OAPEC countries reached to 703 billion barrels of the crude oil in 2013 representing 55% of the global total which reached 1277.7 billion barrels, highlighting that the Kingdom of Saudi Arabia, Iraq, Kuwait, the United Arab Emirates and Libya acquire 53% of the global proven reserves of oil

In his speech during 17th International Petroleum and Mineral Resources Conference began in Cairo today, the OAPEC Secretary General said that the reserves of the OAPEC countries of natural gas reached about 53 trillion cubic meters in 2013 which represented 26.6% of the global reserves

He added that the production of the member states of crude oil and natural gas liquids reached in 2013 about 29% of the global reserves which reached 85.6 million barrels per day

Al-Naqi stressed that the OAPEC oil productions reached 20.6 million barrels per day in 2012 representing 32% of the global oil exports where the exports of the OAPEC natural gas reached about 21%, 213 billion cubic meters