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"The production of crude oil in the Arab countries in 2012 reached 22.1 million barrels per day, 31.4 per cent of the world production which is 70.4 million barrels per day, to rank first amongst other oil producing blocs," said Al Neqi.
Al Neqi said that the contribution of the oil producing countries in the Arab world to the world production is "deemed moderate compared to their reserves.
In terms of consumption, Al Neqi said: "The local consumption of oil in the Arab world is 6.2 million barrels per day, 7 per cent of the world consumption while Latin Americas consumption is estimated at 5.2 million barrels per day, 5.9 per cent of world consumption."