GCC countries ranked first in global energy indicators and first in crude oil production, crude oil reserves, crude oil exports and natural gas reserves, an industry report said.
Additionally, the GCC countries ranked second worldwide in natural gas exports and third in marketed natural gas production, according to data issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).
The GCC-Stat data indicated that the GCC countries’ crude oil production in 2023 logged about 17 million barrels per day (mbpd), accounting for 23.2 per cent of the total global crude oil production.
This is despite a 6.8 per cent decrease in crude oil production in 2023 compared to the production recorded in 2022.
The GCC countries’ crude oil reserves in 2023 reached about 511.9 billion barrels, which accounted for 32.6 per cent of the total global crude oil reserves, recording an average annual growth rate of 0.3 per cent during 2014 to 2023.
The bloc’s crude oil exports in 2023 logged about 12.4 mbpd, representing 28.2 per cent of the total global crude oil exports.
The grouping’s oil derivatives exports in 2023 reached about 1518.6 million barrels, up by 7.1 per cent from the previous, and ranking second globally and accounting for 13.4 per cent of global oil derivatives exports.
Gas oil/diesel production recorded the highest rate among petroleum derivatives in 2023.
With regard to natural gas, the GCC countries’ reserves in 2023 reached about 44.195 billion cubic meters, representing 21.4 per cent of the total global reserves of natural gas, while their exports in the year amounted to about 180.9 billion cubic meters, accounting for 13.1 per cent of the total global natural gas exports.
In renewable energy indicators, the capacity of renewable energy stations in the GCC countries reached about 10,742 megawatts in 2023, recording an increase of 74.7 per cent compared to the figures logged in 2022.
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