Abu Dhabi’s Supreme Petroleum Council (SPC) upgraded on Monday the hydrocarbon reserves of the United Arab Emirates (UAE), saying that the country has added 7 billion barrels of oil, moving up to sixth from seventh place in reserves globally, the Abu Dhabi National Oil Company (ADNOC) said . The SPC—the governing body of the UAE’s oil industry—also announced the discovery of 58 trillion standard cubic feet (TSCF) of conventional natural gas and the discovery of 160 TSCF of unconventional gas over the past year, said ADNOC, which pumps all of the UAE’s current oil production of 3 million barrels of oil per day. The increase in the oil and gas reserves in the UAE makes the OPEC Middle Eastern producer 6 th in both oil and gas reserves in the world, up from 7 th , ADNOC said , noting that the reserves increase underpins the UAE’s “position as […]