Oil will last over 100 years in UAE, Kuwait, Iraq
Oil will last over 100 years in UAE, Kuwait, Iraq
The UAE, Kuwait and Iraq, will continue to pump crude into global markets for more than 100 years while the US, Britain and other Western countries are expected to run out of oil within 10 years.
Western estimates showed the UAE controlled the third biggest recoverable crude resources in the world after Saudi Arabia and Iraq, standing at 97.8 billion barrels at the end of last year compared with only 32.4 billion barrels in 1982.
At current production rates of around 2.3 million barrels per day, the reserves could last more than 100 years to make the UAE among three countries whose proven crude wealth could extend over a century. The other two are Iraq and Kuwait.
New statistics issued by British Petroleum showed Iraq had around 112.5 billion barrels of extractable oil reserves while Kuwait controlled nearly 96.5 billion barrels.
(billion barrels)
1982
2002
total
(years)
