Expectations of increasing the Gulf petroleum production

A study issued by the council of Arab economic unity in Cairo today expected an increasing share of the Arab Gulf states in the world's petroleum production from the current 18.5 million barrels per day (bpd) to 43.8 million bpd in 2010, an increase from a 26% to a 47.6% share.

The same study also expected increases in the investment costs that must be provided to develop production sources using advanced technology.

According to the study's estimates, five gulf states -- Saudi Arabia, the United Arab Emirates, Kuwait, Iran and Iraq -- own more than 60% of the world's petroleum reserves, and these states are expected to be the most effective in the petroleum markets during the coming 20 years.