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KUWAIT: The current developments in international oil markets show the effects of oil reserves of consuming countries on prices, said the Organization of Arab Petroleum Exporting Countries (OAPEC). International oil prices are currently unstable due to many factors, mainly the increase in US oil reserves, OAPEC said in its monthly bulletin published yesterday. Oil reserves are kept for use in cases of emergencies and unexpected rise or drop in oil demand and offer, said the organization.

Meanwhile, OAPEC noted that oil reserves saw prominent developments in 2015, as the total international reserves reached 8842 million barrel by year end, with a rise of 750 million barrels compared to 2014. Moreover, oil reserves on tankers were recorded at 1164 million barrels by end of 2015 with a rise of 120 million barrels compared to the previous year.

The report also noted that during the period between 2010 to 2014, oil reserves of Arab member-states in OPEC and OAPEC (UAE, Algeria, Saudi, Qatar, Kuwait, Libya and Iraq) were affected by OPEC’s decision to limit production rates for member countries. Rising political and security tensions in the Arab World and the developments in using shale oil in production also had an impact on oil reserves in these countries. — KUNA