Gulf’s Global Oil Share Sharply Down in 20 Years
From Emirates 247
Gulf countries now control around 42 per cent of the world’s total proven oil resources, sharply below their share of nearly 63 per cent 20 years ago.
The decline was mainly due to a steep rise in the crude reserves of Canada and Venezuela although there was a large increase in the oil resources of Iraq and Iran.
Statistics by British Petroleum showed the combined recoverable oil reserves of Gulf countries grew from nearly 656 billion barrels in 1992 to about 700 billion barrels at the end of 2012, a modest increase of 44 billion barrels.
That increase is dwarfed by the rise in the world’s oil deposits, which surged from around 1,039 billion barrels in 1992 to 1,668.9 billion barrels at the end of 2012.
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