Producers, consumers, oil companies need to join forces to fuel world economy growth 1st add
WAM OAPEC Secretary General Abbas Naqi told the two-day conference that Arab oil output didn't exceed 31% of the world's total oil production in 2011 although Arabs control 58% of world's oil reserves. Like wise, Arab gas output were less than 14.5$ in 2010 although they posses 28% of world's gas resources.
''Current and future oil output reserve capacity will remain the cornerstone of security in world oil market as it strikes balance between demand and supply,''he said.
Developing new oil capacities, he noted, needs huge investment whose availability depends on stable oil markets and sustained demand for petroleum and its derivatives.