• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 1 hour Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 32 mins Trump eyes massive expulsion of suspected Chinese spies
  • 3 hours >>The falling of the Persian Gulf oil empires is near <<
  • 29 mins KSA taking Missiles from ?
  • 1 hour How to Create a Pandemic
  • 4 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 57 mins There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 14 hours Where's the storage?
  • 4 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 10 hours America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 15 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 3 hours Dr. Fauci is over rated.
  • 6 hours Saudi Arabia Can't Endure $30 Oil For Long

Key OPEC Member Adds 7 Billion Barrels Of Oil To Its Reserves

UAE Energy

Abu Dhabi’s Supreme Petroleum Council (SPC) upgraded on Monday the hydrocarbon reserves of the United Arab Emirates (UAE), saying that the country has added 7 billion barrels of oil, moving up to sixth from seventh place in reserves globally, the Abu Dhabi National Oil Company (ADNOC) said.

The SPC—the governing body of the UAE’s oil industry—also announced the discovery of 58 trillion standard cubic feet (TSCF) of conventional natural gas and the discovery of 160 TSCF of unconventional gas over the past year, said ADNOC, which pumps all of the UAE’s current oil production of 3 million barrels of oil per day.

The increase in the oil and gas reserves in the UAE makes the OPEC Middle Eastern producer 6th in both oil and gas reserves in the world, up from 7th, ADNOC said, noting that the reserves increase underpins the UAE’s “position as a stable and long-term energy provider to the world.”

In natural gas proven reserves, the UAE is now sixth in the world after Russia, Iran, Qatar, the U.S., and Saudi Arabia, according to data shared by ADNOC and based on estimates from the U.S. Energy Information Administration (EIA).

Related: What’s Really Behind The Ethanol Crisis?

In terms of largest proven oil reserves in the world, the UAE now also ranks sixth after adding 7 billion barrels in 2019. The UAE has surpassed Kuwait and is now at number six, preceded by Venezuela, Saudi Arabia, Canada, Iran, and Iraq.

Apart from upgrading the UAE’s oil and gas reserves estimates, the Supreme Petroleum Council also decided on Monday to list ADNOC’s Murban crude grade as a futures contract on an internationally recognized exchange, ADNOC said, adding that this would unlock “greater value for its customers, ADNOC and the UAE.”

The Murban futures contract could be a successful crude oil benchmark as it has all the right characteristics, including high volumes and the potential for spot trading, analysts say.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News