World Tribune.com

Gulf states have enough oil for century

SPECIAL TO WORLD TRIBUNE.COM
Wednesday, March 17, 2004

ABU DHABI 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.

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