28/04/2014
Saudi Arabia, UAE and Kuwait offset states shortages «unsettled»
Secretary-General for «OAPEC»: the Arab countries reserves of the oil reassuring
Abbas Naqi, Secretary General of the Organization of the ' OPEC ' stressed on the stable oil prices in the coming period that not to be affected by the events in the Middle East and the Arabic States oil reserves reassuring and its development. Fresh remarks before leaving Cairo for Morocco to participate in the 13th International Arab Conference on mineral and accompanying exhibition organized by Arabic Organization for industrial development and mining. According to ' German ', Naqi said Arab oil production currently reassuring after the recovery following the fallout from the events of ' spring ' as affected by Arab oil production after production in some countries, such as Libya, with production of 1.6 million barrels to 300,000 per day, but some Arabic with a surplus, such as Saudi Arabia and the United Arab Emirates and Kuwait offset this shortage caused the stability of world oil markets and well-cushioned.
And about the move of oil prices in the coming period he said that pricing is subject to market conditions and price stability is characterized by particular in the last three years and is currently between 110 and 115 dollars a barrel and the price is right at the moment of producing and consuming countries. And about the production of oil-producing Arabic States, adding that the Organization of petroleum Arabic exporting countries ' OAPEC ' comprises 10 Arab countries with full membership in addition to Tunisia and the production of crude oil and natural gas liquids around 22 million barrels a day. The production of natural gas marketer to 569.9 billion cubic meters while the Arabic States reserves of conventional crude oil at the end of 2012 to 709 billion barrels, and the Arabic States reserve accounted for 56.4 per cent of the world total of 1256.6 billion barrels.
Naqi noted that the proportion of the contribution of the States oil consumer now Arabic up 26.6 per cent of the world's, which underlines the importance of the Arabic area of the world, adding that Morocco Conference aims to promote mining projects and the development of legislation governing mining and remove obstacles to foreign investment in Arabic, in this sector, in addition to the economics of mineral ores in light of shifts in international trade. He noted that the Conference will discuss everything related to extractive industries such as phosphate, limestone, sand and marble and iron ore, bauxite, coal, copper, lead, gold and silver along with existing manufacturing industries such as building materials industries, cement, refractory, pottery, glass, fertilizers, iron and steel and aluminum.
