GCC oil and gas reserves stand at $65 trillion

The GCC’s hydrocarbon reserves are estimated to be worth around $65 trillion at current export prices, based on new analysis from QNB Capital. This is almost a third of the $200 trillion value of world oil and gas reserves. To put $65 trillion in context, it is equivalent to 47 times the GCC’s estimated GDP in 2011, or 93% of global GDP. It is also 125 times the estimated $521 billion that the region’s governments received in oil and gas revenue during 2011. The rest of the MENA region has the next largest share of global hydrocarbon reserves (23%), particularly in Iraq and Iran, followed by Europe and Eurasia (16%), mainly Russia and Kazakhstan.