Kuwait says has 100 billion barrel oil reserve

KUWAIT CITY (AFP) – OPEC-member Kuwait reiterated Wednesday that it had oil reserves of 100 billion barrels, again disputing a report that the figure was around half that amount.

“We confirm that Kuwait’s oil reserves are 100 billion barrels,” acting oil minister Mohammad al-Olaim told reporters after briefing parliament in a closed-door session about the levels of reserves in the Gulf emirate.

The session was called by a number of opposition MPs who demanded the government provide the exact figures of reserves amid fears that they were much less than the officially announced figures.

In January 2006, the authoritative industry newsletter Petroleum Intelligence Weekly (PIW) reported that Kuwait’s oil reserves stood at 48 billion barrels, based on internal Kuwaiti records seen by the newsletter.

AFP