Underlining its ability to meet global oil demand s for years, OPEC said its reserves crossed a trillion barrels for the first time.
According to Saudi Arabia s Petroleum and Mineral Resources Minister Ali Al-Naimi Saudi Arabia and other OPEC countries produced more than 400 billion barrels since it was founded.
Speaking at an oil symposium here he said, 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,
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, he added.
Saudi Arabia was producing around 8.1 million barrels per day out of a total production capacity of 12.5 million bpd.
According to Saudi Arabia s Petroleum and Mineral Resources Minister Ali Al-Naimi Saudi Arabia and other OPEC countries produced more than 400 billion barrels since it was founded.
Speaking at an oil symposium here he said, 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,
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, he added.
Saudi Arabia was producing around 8.1 million barrels per day out of a total production capacity of 12.5 million bpd.
