Gulf states have enough oil for century
SPECIAL TO WORLD TRIBUNE.COM
Wednesday, March 17, 2004
ABU DHABI ø Kuwait, Iraq, Saudi Arabia and the United Arab Emirates
will have enough crude oil for more than a century.
A study said Iraq and Saudi Arabia have recoverable crude resources of
97.8 billion barrels at the end of 2002 compared with only 32.4 billion
barrels in 1982. The UAE was said to control the third largest recoverable
crude oil resource in the world.
Iraq was reported to have 112.5 billion barrels of extractable oil
reserves while Kuwait controlled nearly 96.5 billion barrels, a study by
British Petroleum said. Saudi Arabia has an estimated 261.8 billion barrels
of oil. Five GCC states had estimated reserves of 658.3 billion barrels at
the end of 2002, Middle East Newsline reported.
The UAE, Saudi Arabia, Kuwait, Iraq and Iran supply global markets with
around 16 million barrels of oil per day. This figure was expected to
increase to 30 million barrels per day beyond 2020 when other sources
outside the region would shrink.