Bank Of Baku

Arab countries control 57% of world oil reserves

Arab countries control 57% of world oil reserves
# 19 May 2011 10:56 (UTC +04:00)
Baku. Ali Ahmadov - APA-Economics. Most of world oil reserves are under the control of Arab countries.

A report prepared by OPEC notes that the total oil reserves on the planet is estimated at 683 billion barrels.

57.5% of oil is in Arab states. In Saudi Arabia is 265 billion barrels of proven oil reserves, followed by Iraq, Kuwait and the UAE.

Moreover, the Arab countries also have 54 trillion cubic meters of gas, which is 30,2% of world reserves.

The cost of developing new Saudi fields in recent years has exceeded $ 60 billion. UAE has also invested heavily in new fields. Until 2017 in the Upper Zakum field development will be invested 15 billion dollars.
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