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.

Oil reserves in key producers
(billion barrels)
end
1982
end
2002
share of
total
ratio
(years)
Gulf
UAE
32.4
97.8
9.3
*
Kuwait
67.2
96.5
9.2
*
Iraq
41
112.5
10.7
*
Saudi Arabia
165.3
261.8
25
86
Iran
55.3
89.7
8.6
73.8
Non-Gulf
US
35.1
30.4
2.9
10.8
UK
13.9
4.7
0.5
5.4
Norway
6.8
10.3
1
8.7
Russia
48.5
60
5.7
21.7
Other Europe
67
2.4
0.2
14.5
Asia
China 19.5 18.3 1.7 14.8
India 3.4 5.4 0.5 19.4
Indonesia 9.6 5 0.3 10.6
Total world 676.7 1,047.70 100 40.6
Source: BP
( *over 100 years)
Gulf News graphic
Saudi Arabia sits atop a quarter of the world's total proven oil reserves, with an estimated 261.8 billion barrels. But at current production rates of nearly nine million bpd, the kingdom's crude wealth could last around 86 years.

BP put the US's proven oil reserves at around 30.4 billion which could be enough for around 10 years at current production rates of nearly 7.6 million bpd.

Britain, one of the biggest oil producers in the West, will