OPEC: Iraq, Saudi Arabia and Kuwait have a 30 percent total world oil reserves

[ltr]OPEC: Iraq, Saudi Arabia and Kuwait have a 30 percent total world oil reserves[/ltr]

 Since 10/30/2016 18:52 pm (Baghdad time)
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[ltr]Follow-up - the balance of News[/ltr]
[ltr]Iraq's oil reserves amounted to Saudi Arabia and Kuwait (511.2) billion barrels, representing about 30% of total world oil reserves.[/ltr]
[ltr]According to Arab countries, the Organization of Petroleum Exporting Countries "OAPEC" in its monthly report that the world's total proven oil reserves estimated at (1.697) trillion barrels at the end of 2015.[/ltr]
[ltr]She noted that the proven oil reserves in the members of the Organization "OAPEC" States during the same period is estimated at about (701.6) billion barrels, accounting for about (41.3) percent of the total world oil reserves.[/ltr]
[ltr]They pointed out that since mid-2014 has been postponed to pump about 222 billion US dollars of capital investment and development operations for about 4.2 million barrels of oil equivalent per day of maximum production capacity, noting that it could lead in the long term to a reduction in supply the rise in prices.[/ltr]
[ltr]And showed "OAPEC" that the average oil production in the Member States of the Organization amounted to about 27 million barrels per day in 2015, the proportion of problem (29.5) per cent of the world's total oil production.[/ltr]
[ltr]She noted that the International Energy Agency predicts that global oil production up to (100.4) million barrels per day by 2040, and oil production up to the seven Arab countries which "the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Iraq, Algeria and Libya" to (35.3) million barrels per day, accounting for about (35.2) percent of the total global production through 2040.[/ltr]
[ltr]The organization said that the international community is working hard on the development of the national product and continuing to improve the various aspects of the economic and social situation has, including energy security and energy services and try to eradicate poverty for developing countries and to address environment-related issues.[/ltr]
[ltr]She explained that under the common challenges faced by countries exporting and importing countries are urgently needed and lasting cooperation between all of the oil and energy related parties at the global level are therefore working to identify those challenges and are trying to reach a common vision between those groups.[/ltr]
[ltr]She added that countries exporting and oil-importing countries are also seeking to achieve a common goal is to ensure stability in the oil market and that the dialogue between the two sides to develop bilateral and multilateral arrangements focus to deal with the instability felt by the energy market from time to time, "including how to avoid impacts negative price fluctuations and how to mitigate the effects of macro-economic instability. "[/ltr]
[ltr]On energy security, both security of supply and security of demand tightened "OAPEC" that it is essential for the stability of the oil market and move forward with oil and gas in general, and energy related investments.[/ltr]
[ltr]She added, "Therefore, the issue of stability of the market and all the relevant issues should be handled with full transparency through cooperation between all parties in the public sector and the private sector such as governments and national oil companies, the government and international oil companies."[/ltr]
[ltr]It showed that the organization of international events and dialogues is one of the steps necessary urgent and besides that market transparency should be one of the main objectives and achievements in this regard.[/ltr]
[ltr]She said the current prices contributed to the decline in the level of investment in the energy sector and the postponement or shut down many projects. "In this regard, the countries of Arab Petroleum Exporting Organization" OAPEC "see the need to increase investments in the energy, oil and gas on a particular sector to ensure market stability."[/ltr]
[ltr]"OAPEC" and stressed the importance of taking appropriate measures related to the environment at the regional and international levels to preserve the planet .. referring to Article IV of the United Nations Framework Convention on Climate Change, "where governments agreed by the Parties to the Convention to take the necessary measures under the Framework Convention, including measures relating to funding, insurance and technology transfer .. in order to meet the needs and deal with the associated change Almnach.anthy 29 / tc n issues[/ltr]


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