The Minister of Petroleum and Mineral Resources, Eng. Ali Bin Ibrahim Al-Naimi, on Saturday opened the 71st session of the Ministerial Council of the Organization of the Arab Petroleum Exporting Countries (OAPEC).
Participating Ministers will discuss a number of topics, including last year’s budget and prospects for establishing an information bank for member countries.
In an address at the meeting, Eng. Al-Naimi stressed the importance of Arabian resources, particularly oil, noting that Arab countries possess approximately 65% of global oil reserves. He added that Arab countries produce over twenty-two million barrels per day of oil, which is a quarter of international production. Arabian oil represents over 40% of international oil trade. Arab income from oil totals approximately $300 billion annually. In his speech, Eng. Al-Naimi also outlined the Kingdom’s oil policy.
Source: SPA
