Arab states possess 65 % of world oil reserves

The Saudi Oil Minister Ali al-Nueimi in his capacity as Chairman of the Organization of Arab Petroleum Exporting Countries (OAPEC) spoke about the Arab states' oil wealth and its important contribution to the global oil industry.

The Arab states owns 65 % of the world oil reserves, he said.

He put the Arab daily production of oil at 22 million barrels, nearly one fourth of the world oil output.

Al-Noeimi yesterday called on Iraq to support the activities of OAPEC to help it achieve its goals in serving the Arab nation.

In his inaugural address before the 71st session of the OAPEC Ministerial Council that opened in Cairo Saturday, the Saudi Minister urged the Arab states to help Iraq in restoring its distinguished position in the Arab oil industry.

Regretting the absence of Iraq's oil minister, he stressed the importance of Iraq's participation in such Arab gatherings.

The OAPEC Chairman estimated at $ 200 billion, the annual volume of Arab states' income from oil.

He said that work must continue to increase world demand on oil and to make the Arab economies less dependent on it.