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QNB Capital has said Gulf Cooperation Council countries’ hydrocarbon reserves are estimated to be worth around $65 trillion at current export prices, which accounts for almost a third of the $200 trillion value of world oil and gas reserves.
To put $65 trillion in context, it is equivalent to 47 times the GCC’s estimated GDP in 2011, or 93% of global GDP. It is also 125 times the estimated $521bn that the region’s governments received in oil and gas revenue during 2011.
The rest of the MENA region has the next largest share of global hydrocarbon reserves (23%), particularly in Iraq and Iran, followed by Europe and Eurasia (16%), mainly Russia and Kazakhstan, Arab News had reported.
