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SAUDI, IRAQ, KUWAIT HOLD 30 PCT OF WORLD’S OIL RESERVES – OAPEC

KUWAIT, – Saudi Arabia, Iraq, and Kuwait, have 30 percent of the world’s oil reserves, with around 511.2 billion barrels in their possession, said the Organisation of Arab Petroleum Exporting Countries, (OAPEC), Sunday.

In its monthly bulletin, OAPEC said that, the world’s oil reserves amounted to around 1.6 trillion barrels, by the end of 2015, revealing that, OPEC’s oil reserves was at 701.6 billion barrels, about 41.3 percent of the world’s reserves.

OPEC’s production reached 27 million barrels per day (bpd) in 2015, about 29.5 percent of the world production, said OAPEC.

It revealed that, International Energy Agency (IEA), predicted that production in 2040 might reach 100.4 million barrels, with the seven Arab countries of Algeria, Iraq, Kuwait, Qatar, Saudi Arabia, Libya, and the UAE, contributing 53.3 million bpd, around 35.2 percent of the production.

Source: Nam News Network