Arab nations 'are world's main energy suppliers' - 11/05/2010
Arab countries will be the world's main energy suppliers for decades to come, experts have said.
Industry representatives at the Arab Energy Conference in Doha said the Arab world currently has more than half of proven oil reserves around the globe and so will remain an important supplier to many domestic markets.
Torki Hemsh, an oil exploration and production expert at the Organisation of Arab Petroleum Exporting Countries, told delegates that Arab nations hold some 681 billion barrels of crude oil, which represents 58 per cent of global reserves.
Moreover, Arab countries hold almost 300 million barrels of potential undiscovered crude oil reserves, which further secures their position as the world's foremost energy suppliers.
Saudi Oil minister Ali al-Naimi said: "These massive reserves, coupled with other reserves not yet discovered, mean that this region will continue to occupy special significance in the global oil industry and trade for many decades to come."
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