Arab region 'will remain world's main energy supplier for decades'

11/05/2010 - Dubai Investment News
Arab region 'will remain world's main energy supplier for decades'

Posted by Bob Brunskill

The Arab region will continue to be the world's main energy supplier for decades to come, speakers at an energy conference in Doha have concluded.

Torki Hemsh, oil exploration and production expert at the Organisation of Arab Petroleum Exporting Countries (OPEC), told delegates that Arab countries collectively account for 58 per cent of proven global reserves, the AFP reported.

In addition, the specialist observed that the Arab world currently holds close to 300 billion barrels of "undiscovered" crude reserves.

Meanwhile, OPEC secretary-general Abdullah el-Badri argued that the Arab world has the potential to help meet rising global oil and gas demand.

"The Arab world will continue to play a leading role in supplying the world with energy needs far into the future," he told the conference.

In other news, the UAE came top of the latest HSBC Global Trade Confidence Index last week, cementing its reputation as one of the world's leading trading hubs.