Kuwait ranked 6th in reserves among oil producing countries

Venezuela in 1st place with 300b barrels

KUWAIT CITY, April 22: OPEC member states own 80 percent of all the confirmed oil reserves worldwide, reports Al-Anba daily.

According to Born2Invest website which cited Investopidia as a source, Kuwait is in sixth place among the oil producing countries in terms of the oil reserve, with 6.9 percent.

Venezuela is in first place with oil reserve of 300 billion barrels, constituting 20.2 percent of the total oil reserves, followed by Saudi Arabia which owns oil reserve of 266.5 billion barrels, constituting 18 percent of the total oil reserves.

Canada came third with oil reserve of 169.7 billion barrels, constituting 11.8 percent, followed by Iran with 160 billion barrels constituting 10.6 percent, Iraq with 142.5 billion barrels constituting 9.5 percent, Kuwait with 101.5 billion barrels constituting 6.9 percent, Emirates with 97.8 billion barrels constituting 6.6 percent, and Russia with 80 billion barrels constituting 4.1 percent.

It is worth mentioning that only Canada and Russia are not members of OPEC.

According to the current oil prices, the value of the Kuwaiti oil reserve is more than $7 trillion.

In addition, the website revealed that the oil reserve of the United States of America recently increased to 39.2 billion barrels, due to exceptional methods for exploration and drilling.

Meanwhile, Kuwait Directorate General for Civil Aviation (DGCA) said Sunday it agreed with Korean Incheon International Airport Corporation (IIAC) to operate, manage, maintain and develop the new Terminal Four (T4) at Kuwait International Airport.

IIAC won the tender, which was placed in February this year, after completing all requirements, DGCA said in a statement.

It added IIAC would start operation of T4, which would be specified for Kuwait Airways, within 90 days of signing the contract.

The agreement with IICA, it said, was part of Kuwait government’s desire to seek partnerships with international companies specialized in civil aviation.

The Korean company will also transfer knowledge and expertise, as well as train Kuwaiti youth on airport management.

The T4, which contains 14 gates, aims at reducing the traffic on the current terminal. It is designed to contain 4.5 million passengers per year.