Gulf Cooperation Council Leads Globally in Oil Production, Reserves, and Exports
GCC countries hold top rankings in vital energy indicators, according to recent data.
Data released by the Gulf Cooperation Council's (GCC) statistical center reveals that its member states rank first globally in key energy metrics, including crude oil production, crude oil reserves, and crude oil exports.
Additionally, GCC countries secured second place worldwide in natural gas exports and third in marketed natural gas production.
In 2023, GCC crude oil production reached approximately 17 million barrels per day, accounting for 23.2% of the global total, despite a 6.8% decrease in production compared to 2022. The GCC's crude oil reserves stood at about 511.9 billion barrels in 2023, representing 32.6% of the world’s total reserves, with an annual growth rate of 0.3% from 2014 to 2023. Crude oil exports from the GCC in 2023 amounted to 12.4 million barrels per day, making up 28.2% of total global exports, notwithstanding an 8.2% decline in exports compared to the previous year.
The GCC's petroleum product exports reached 1.5186 billion barrels in 2023, capturing 13.4% of global exports, which reflects a 7.1% increase from 2022. The region ranked second globally in this category, while imports of petroleum products were recorded at 212.3 million barrels, showing an average annual growth rate of 0.1%.
Among petroleum derivatives, gasoil/diesel production was the highest in 2023, totaling 660.4 million barrels, followed by gasoline at 336.2 million barrels and kerosene/jet fuel at 319.4 million barrels.
The production of fuel oil, naphtha, and liquefied petroleum gases stood at 263.1 million, 221.6 million, and 103.3 million barrels, respectively.
The consumption of gasoline in GCC countries for 2023 was approximately 336.6 million barrels, while gasoil/diesel consumption reached 299.7 million barrels, with other petroleum derivatives showing varying consumption rates between 34.8 and 268.3 million barrels.
Regarding natural gas, the GCC's reserves in 2023 reached 44.195 billion cubic meters, which represents 21.4% of the global total and reflects a 0.2% increase from 2022. The region's natural gas exports were approximately 180.9 billion cubic meters in 2023, making up 13.1% of total global exports, with an annual growth rate of 2.5% from 2014 to 2023. The GCC's marketed natural gas production in 2023 amounted to 464.2 billion cubic meters, representing 10.8% of global production, marking a 1.4% increase from the previous year.
Additionally, GCC countries secured second place worldwide in natural gas exports and third in marketed natural gas production.
In 2023, GCC crude oil production reached approximately 17 million barrels per day, accounting for 23.2% of the global total, despite a 6.8% decrease in production compared to 2022. The GCC's crude oil reserves stood at about 511.9 billion barrels in 2023, representing 32.6% of the world’s total reserves, with an annual growth rate of 0.3% from 2014 to 2023. Crude oil exports from the GCC in 2023 amounted to 12.4 million barrels per day, making up 28.2% of total global exports, notwithstanding an 8.2% decline in exports compared to the previous year.
The GCC's petroleum product exports reached 1.5186 billion barrels in 2023, capturing 13.4% of global exports, which reflects a 7.1% increase from 2022. The region ranked second globally in this category, while imports of petroleum products were recorded at 212.3 million barrels, showing an average annual growth rate of 0.1%.
Among petroleum derivatives, gasoil/diesel production was the highest in 2023, totaling 660.4 million barrels, followed by gasoline at 336.2 million barrels and kerosene/jet fuel at 319.4 million barrels.
The production of fuel oil, naphtha, and liquefied petroleum gases stood at 263.1 million, 221.6 million, and 103.3 million barrels, respectively.
The consumption of gasoline in GCC countries for 2023 was approximately 336.6 million barrels, while gasoil/diesel consumption reached 299.7 million barrels, with other petroleum derivatives showing varying consumption rates between 34.8 and 268.3 million barrels.
Regarding natural gas, the GCC's reserves in 2023 reached 44.195 billion cubic meters, which represents 21.4% of the global total and reflects a 0.2% increase from 2022. The region's natural gas exports were approximately 180.9 billion cubic meters in 2023, making up 13.1% of total global exports, with an annual growth rate of 2.5% from 2014 to 2023. The GCC's marketed natural gas production in 2023 amounted to 464.2 billion cubic meters, representing 10.8% of global production, marking a 1.4% increase from the previous year.
Translation:
Translated by AI
