Mubasher: Saudi Arabia, Iraq, and Kuwait have 30% of the world's oil reserves with around 511.2 billion barrels in their possession, said the Organization of Arab Petroleum Exporting Countries (OAPEC).
OAPEC said on Sunday in its monthly bulletin that the world's oil reserves amounted to around 1.6 trillion barrels by the end of 2015, revealing that OPEC's oil reserves was at 701.6 billion barrels, about 41.3% of the world's reserves, Kuwait News Agency (KUNA) reported.
OPEC's production reached 27 million barrels per day (bpd) in 2015, about 29.5% of the world production, OAPEC said in its report according to KUNA.
It also revealed that International Energy Agency (IEA) predicted that production in 2040 might reach 100.4 million barrels with the seven Arab countries of Algeria, Iraq, Kuwait, Qatar, Saudi Arabia, Libya, and the UAE contributing 53.3 million bpd, around 35.2% of the production.
