Oil and Gas in the Arab world

The state of oil and gas production in each of twelve Arab states in 1996 is reviewed. A table of proved oil reserves and production in these countries as at the end of 1995 is provided. For Arab oil producers, 1996 was a good year in price terms. Crude oil was selling at an average of $3 a barrel more than in 1995. Factors contributing to prices rises were the increase in demand accompanying global economic growth, especially in the developing economies of Asia, which was not matched by supply growth, and the news that Iraq is unlikely to return to international markets in the near future. (UK)