Gulf’s oil reserves will retain their clout | GulfNews.com

Gulf’s oil reserves will retain their clout | GulfNews.com:



"The recently-released 2015 version of “BP Statistical Review of World Energy” provides fresh — but not necessarily surprising insights — of the Gulf states’ petroleum resources.



Collectively, GCC countries control around 30 per cent of the total known oil reserves, undoubtedly a significant percentage for any particular group. With a global share of 15.7 per cent, Saudi Arabia emerges as a second source of proven reserves after Venezuela, which in turn controls 17.7 per cent.



GCC countries can amass around 500 billion barrels of crude oil reserves, or roughly 41 per cent of total reserves of the Opec grouping. In turn, Opec, which also includes Venezuela and Iran among others, has control of nearly 72 per cent of total global reserves. Besides production, this level of reserves gives the grouping a source of strength in the petroleum market for years to come."



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