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Middle East Must Invest $700 Billion in Oil

'Arab countries need to invest in the various stages of the oil industry, especially since these countries, whether oil-producing or non-oil-producing, are all in need of energy sources to fuel the continued economic growth and provide the basic needs of life,' said the minister during a seminar on the future of the energy industry in the Middle East and North Africa, held in Manama, Bahrain.

The Arab world consumes roughly 9 million barrels of oil per day, which means close to 10% of the global total, but is home to 56% of proven reserves in the world.

As for natural gas, the region holds 27% of the global total. These reserves, according to Al-Naimi, are poised to increase over the next few years as a result of new discoveries and production technology advances.

In order for the oil industry to keep expanding in the region, he stressed the need for “development of appropriate financing solutions that would maintain and raise the level of production and increase oil reserves.”

“The fact that the funding needed for energy projects in the Middle East is estimated at 700 billion dollars over the next 10 years shows how important it is to provide adequate funding for such projects,” he said.

The seminar was organized by the Arab Petroleum Investments Corporation (Apicorp), an organization established in the 1970 to ensure financing to oil industry projects across the region.