Regal Group International: OPEC says its member’s oil reserves now over one trillion barrels.

Oct. 20, 2010 - PRLog -- Addressing an international energy summit in Riyadh recently, Saudi Arabia’s Petroleum and Mineral Resources Minister Ali Al-Naimi highlighted that the Organization of Petroleum Exporting Countries was ideally positioned to meet growing global oil demand as it currently had oil reserves of over one trillion barrels.

“When founded, members of the organization had around 300 billion barrels of oil reserves and in the last 50 years, they have produced over 400 billion barrels,” Regal Group International understands the minister said at the symposium marking the group’s 50th anniversary. “OPEC still has more than one trillion barrels, which places it in a unique position in terms of reserves to continue supplying petroleum to the world for several long years and to exploit these reserves for the benefit of future generations.”

Saudi Arabia is producing about 8.1 million barrels per day out of a total production capacity of 12.5 million barrels per day.

Speaking at later session, Regal Group International understands the minister’s senior adviser Ibrahim Al-Muhanna said that whilst he saw challenges for the organisation in the future he believed “that the organization will be able to cope with these developments and global changes so long as it continues to operate as an independent and realistic economic grouping whose aim is to defend the interests of its members as well as the international oil market and the industry as a whole now and in the future.”

At its most recent meeting in early October at the group’s headquarters in Vienna, Austria,  OPEC’s 12 members, Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela agreed to keep current output targets unchanged  as previously reported by Regal Group International.

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