Cairo- Saudi Arabia, Iraq, and Kuwait have 30% of the world’s oil reserves with around 511.2 billion barrels in their possession, said the Organization of Arab Petroleum Exporting Countries (OAPEC).

OAPEC said on Sunday in its monthly bulletin that the world’s oil reserves amounted to around 1.6 trillion barrels by the end of 2015, revealing that OPEC’s oil reserves was at 701.6 billion barrels, about 41.3% of the world’s reserves.

Member countries of the organization production reached 27 million barrels per day (bpd) in 2015, about 29.5% of the world production, OAPEC said in its report.

It also revealed that International Energy Agency (IEA) predicted that production in 2040 might reach 100.4 million barrels with the seven Arab countries of Algeria, Iraq, Kuwait, Qatar, Saudi Arabia, Libya, and the UAE contributing 53.3 million bpd, around 35.2% of the production.

OAPEC said that the international communities are working hard to develop the domestic production, enhance the various economic and social aspects, including the provision of energy services and attempts to eradicate the poverty in developing countries and to tackle environment related topics.

The organization reported that amidst current mutual challenges among oil exporting and importing countries, there is an urgent need to cooperate with all oil and energy related parties worldwide. For this, OAPEC is working on determining these challenges and attempting to reach a common vision.

In its monthly bulletin, the organization declared that oil exporting and importing countries have a common target: to ensure stability in the oil market.

OAPEC stressed that holding international dialogues and events are urgent steps as well as accomplishing transparency in the market. The organization highlighted the importance of taking necessary procedures related to the environment on the regional and international level to protect the Earth.