GCC Hydrocarbon Reserves Worth $65 trillion

Hydrocarbon reserves of The Gulf Cooperation Council are estimated to be worth approximately $65 trillion.

A report by QNB Capital says that the region's estimate is about a third of the $200 trillion value of the global oil and gas reserves.

Meanwhile, the rest of MENA (Middle East and North Africa) region has the next largest share of global hydrocarbon reserves (23 per cent), particularly in Iraq and Iran, followed by Europe and Eurasia (16 per cent), mainly Russia and Kazakhstan.

Saudi Arabia constitutes almost half og the GCC total. UAE, Kuwait and Qatar have close to 20% the total. Qatar's share is worth about $9.5 trillion.

If the lower hydrocarbon prices recorded in 2009, which can be seen as a worst case scenario, were used in QNB Capital's calculation, then the reserves would be worth $42 trillion.