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$18 trillion energy reserves in GCC

Manama, October 24, 2009

The present value of oil and gas reserves of the six GCC countries is estimated at $18.3 trillion, larger than last year's GDP of the US, according to a note released by the Dubai International Financial Centre Authority (DIFC).

That figure assumes a conservative price of oil at $50 per barrel and gas at $9 per million BTU.

If oil prices were to average $100 per barrel and gas $15, the present value of GCC energy reserves would be $37.7 trillion, equal to the world's total stock market capitalisation at the end of last year. – TradeArabia News Service




Tags: Bahrain | DIFC | Oil | Gas reserves | GCC |

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