BAKU, Azerbaijan, July 14
By Leman Zeynalova – Trend:
Proven oil reserves of the Middle East were estimated at 847.745 billion barrels in 2019, as compared to 803.184 billion barrels in 2018, Trend reports with reference to OPEC’s annual statistical bulletin.
Thereby, OPEC has revised up the proven oil reserves of the Middle East by 5.5 percent year-on-year.
The region’s proven oil reserves were estimated at 802.847 billion barrels in 2015, 807.729 billion barrels in 2016 and 804.639 billion barrels in 2017.
Among the Middle Eastern countries, OPEC has revised up the estimates for Iran by 34.1 percent from 155.600 billion barrels in 2018 to 208.600 billion barrels in 2019.
This is while Saudi Arabia’s reserve estimates have been lowered by 3.2 percent from 267.026 billion barrels in 2018 to 258.600 billion barrels in 2019.
Total world proven oil reserves have also been revised up by 3.6 percent from 1.497 trillion in 2018 to 1.550 trillion in 2019 and OPEC’s share in 2019 world proven oil reserves is 79.1 percent, as compared to 79 percent in 2018.
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