"Optimal Oil Production and the World Supply of Oil," IMF Working Papers 12/294, International Monetary Fund. Jamil, Faisal, 2012. " Impact of different public E&P policies on natural gas reserves and production in Pakistan ," Resources Policy , Elsevier, vol. 37(3), pages 368-374. Crude oil (CO) and natural gas (NG) play an important role in the world economy. The Arab countries (ACs) share 64% of the total oil reserves and 40% of the NG reserves [OPEC, 2003. The Annual Statistical Bulletin]. On the production side, ACs contribute to 30% and 9% of the world production of CO and NG, respectively. The massive U.S. shale oil production supply is the major fundamental reason for traders to stay bearish about crude oil prices. In addition, bears often cite concerns from the demand side, such