The Organisation of Arab Petroleum Exporting Countries (OAPEC) announced that they would be increasing their share of world oil production to between 38 and 40% by 2010. OAPEC's current share is around 32.2% of world oil market.
OAPEC's monthly bulletin reported that they are home to 71% of the total world oil reserves. OAPEC estimates international oil demand in the current year between 83.9mn and 84.7mn bpd, and is expected to reach 86.7mn bpd in 2006.