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DIFC: GCC oil reserves worth $18trn
- Middle East: Sunday, October 25 - 2009 at 10:24
According to the Dubai International Financial Centre Authority, the present value of oil and gas reserves of the six GCC countries is estimated at $18.3 trillion, larger than last year's US GDP, Gulf Daily News has reported. The total amount was based on a 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 $37.7trillion.
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StaffSunday, October 25 - 2009 at 10:24 UAE local time (GMT+4)
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