• UAE’s Supreme Petroleum Council says it’s discovered new reserves of 7 bn “stock tank” barrels of oil
• The discovery pushes the UAE’s overall reserves to 105 billion barrels

AP, Dubai

The United Arab Emirates now says it is home to the world’s sixth-largest crude oil reserves, surpassing fellow Gulf Arab nation Kuwait.

The UAE’s Supreme Petroleum Council met on Monday and announced the news, saying the federation of seven sheikhdoms on the Arabian Peninsula had discovered new reserves of 7 billion “stock tank” barrels of oil.

The council said that pushed the UAE’s overall reserves to 105 billion barrels. It also said it held the world’s sixth-largest reserves of natural gas as well.

Oil reserves refer to crude that’s economically feasible to extract. Figures can vary wildly by country due to differing standards, though it remains a yardstick of comparison among oil-producing nations.