| Kippreport.com

GCC oil and gas reserves worth $18 trillion

October 13, 2009 3:08 by kippreport

The present value of the oil and gas reserves of the six Gulf countries is estimated at $18.3 trillion, according to research done by the Dubai International Financial Centre (DIFC )Authority’s Economics unit.

“That figure assumes a modest 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 2008,” said Omar Bin Sulaiman, governor of the DIFC.

Tags: $18 trillion, gcc, oil reserves