An increase in the crude reserves of Saudi Arabia and two other Gulf states boosted the Middle East's combined oil deposits by nearly 10 billion barrels this year. However, its gas wealth declined, according to international data.
From around 739.2 billion barrels at the start of 2007, the proven oil resources of the Middle East swelled to a record 748.2 billion barrels at the beginning of 2008, showed the figures by the Oil and Gas journal, Pennwell Corporation and the Energy Information Administration of the US Department of Energy. The increase was mainly due to a growth in the crude wealth of Saudi Arabia, Kuwait and Iran, while the UAE's proven oil reserves remained unchanged.
Saudi Arabia's recoverable oil deposits increased from around 262.3 billion barrels at the start of 2007 to 266.7 billion barrels at the start of 2008, maintaining its position as the world's oil superpower, which controls nearly a quarter of the total global proven crude reserves.
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