Arab Countries Aim to Boost Global Crude Reserves and Energy Supplies

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KUWAIT CITY, Sept 21: Arab countries’ global crude reserves are at 54.3 percent and the region is eager to boost world supplies by 38.1 percent by 2050, said Jamal Al-Loughani, Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) on Thursday. Speaking during his participation at the Seventh China-Arab Energy Cooperation Conference, held in Haikou, China, Al-Loughani said that Arab countries contributed around 29.3 percent of global production and also had a 30.2 percent share of the world export of oil.

He indicated that OAPEC was keen on participating in the China-Arab Energy Cooperation Conference, which is held this year slogan of “Entering the Golden Era of China-Arab Energy Cooperation of Quality and Sustainability.”
By 2050, Arab countries would be eager to contribute to the world’s energy supplies, especially with the region having around 26.3 percent of certified natural gas reserves and an intention to boost supplies by 19.8 percent in the same year, said Al-Loughani. The OAPEC chief indicated that China’s growing demand for oil imports might reach 76.5 percent by 2045.

He added that the Asian giant demand for natural gas had been growing, revealing that it would reach 41 percent by 2022 despite China being the fourth global supplier of gas. Al-Loughani said that fossil fuel could contribute to a balanced shift in diversifying energy resources that would be environment-friendly as well as compatible with efforts to counter climate change. The energy industry also has a challenge in the form of securing resources of oil and natural gas, which be the main drivers of global development by 53 percent until 2045, revealed the OAPEC chief. (KUNA)

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