ME's oil reserves surge 68 billion barrel over past 5 years
MENAFN - 27/01/2006
(MENAFN) A new report by the Energy Information Administration (EIA) of the US Department of Energy, showed that the Middle East's proven oil reserves have surged by nearly 68 billion barrels over the past five years although the region has pumped in excess of 35 billion barrels to the global market, Khaleej Times reported.
The report showed that recoverable crude oil resources in the Arab region and Iran peaked at nearly 743.1 billion barrels by the beginning of 2006 compared with 675.6 billion barrels at the end of 2000.
The reserves at the start of 2006 accounted for nearly 57.5 per cent of the world's total extractable oil potential of around 1.29 trillion barrels.
Most of the Arab proven oil deposits are concentrated in the Gulf, mainly in the UAE, Kuwait, Saudi Arabia, Iraq and Qatar.