$18 trillion energy reserves in GCC.
The present value of oil and gas reserves of the six GCC countries is estimated at $18.3 trillion, larger than last year's GDP of the US, according to a note released by the Dubai International Financial Centre Authority (DIFC).
That figure assumes a conservative price of oil at $50 per barrel and gas at $9 per million BTU. If oil prices were to average $100 per barrel and gas $15, the present value of GCC energy reserves would be $37.7 trillion, equal to the world's total stock market capitalization at the end of last year.
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|Title Annotation:||Gulf Cooperation Council|
|Publication:||Saudi Economic Survey|
|Article Type:||Brief article|
|Date:||Nov 3, 2009|
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