OAPEC Reports on Region’s Volume Oil Reserves

The annual report of the Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) indicates that the total proven crude oil reserves of the region at the end of 2010 amounted to about 683.66 billion barrels, while total proven reserves of natural gas for the same period amounted at about 54.8 Tcm.

 The Thirty-seventh OAPEC Report (2010) showed that the Arab region has been first worldwide during the last fifty years for global hydrocarbon sources due to its possession of huge reserves of oil and natural gas.

The report explained that the Arab region’s proven reserves from these two sources are increasing thanks to the efforts spent to discover new oil and gas, noting that as a result of that, Arab States received great confidence and assurance from the world oil and natural gas consumers.