Bahrain's Oil Minister Sheikh Mohammed bin Khalifa al-Khalifa speaks to reporters during a press conference in Manama, Bahrain April 4, 2018. REUTERS/Hamad I Mohammed
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Bahrain Wednesday announced it's newly discovered shale oil reserve was estimated to contain more than 80 billion barrels, making the once-marginal oil producer a potentially major player in the market.The new field would in theory dwarf the Bahrain Field, the country's only other field, which contains several hundred million barrels.The tiny Sunni-ruled kingdom currently produces some 50,000 barrels per day of crude oil from the Bahrain Field, discovered in 1932 .The six Gulf Cooperation Council countries together pump around 17 million barrels of oil per day, equivalent to some 18 percent of global production or 55 percent of OPEC's output.
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