Kuwait ranked fourth in terms of confirmed oil reserves for 2004 after its reserves increased by 2.5 billion barrels to 99 billion, according to the annual report of the Organization of Arab Petroleum Exporting Countries (OAPEC).

Saudi Arabia remained the biggest oil reserving country with a total of 262.8 billion barrels, followed by Iran with 125.8 billion, Iraq with 115 billion, Kuwait with 99 billion and the United Arab Emirates (UAE) with 97.8 billion, Kuwait News Agency quoted the report as saying Wednesday.

It said that the total world reserves for 2004 were estimated at 1.19 trillion barrels compared with 1.1003 trillion in 2003.

Figures showed reserves increased in OAPEC members by 0.9 percent last year to reach 649.76 billion barrels, accounting for 58.8 percent of the total world reserves.

As for world reserves of natural gas, the report said that there was a slight drop of 0.5 percent, reaching 171.5 trillion cubic meters due to the decrease in Australia's reserves by one third compared with the 2003 estimates.

Russia ranked first with 47.5 trillion cubic meters of natural gas reserves, followed by Iran with 26.6 trillion, and Qatar with 25.7 trillion.

OAPEC natural gas reserves reached 51.7 trillion cubic meters, accounting for 30.1 percent of the world total.

Source: Xinhua