GCC countries rank first worldwide in crude oil output, reserves, exports

GCC countries ranked first in global energy indicators and first in crude oil production, crude oil reserves, crude oil exports and natural gas reserves.

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).

Data indicate that the GCC countries’ crude oil production in 2023 logged about 17 million barrels per day (mbpd), which accounted for 23.2% of the total global crude oil production, despite a 6.8% 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% of the total global crude oil reserves, recording an average annual growth rate of 0.3% during the period from 2014 to 2023.

The GCC Countries’ crude oil exports in 2023 logged about 12.4 mbpd, representing 28.2% of the total global crude oil exports, despite a decrease in exports in 2023 by 8.2% compared to the figures recorded in 2022.

The GCC Countries’ oil derivatives exports in 2023 reached about 1518.6 million barrels, which accounted for 13.4% of global oil derivatives exports, with an increase of 7.1% compared to the figures recorded in 2022. The GCC Countries ranked second globally in oil derivatives exports, while oil derivatives imports reached 212.3 million barrels, with an average annual growth rate of 0.1%.Gas oil/diesel production recorded the highest rate among petroleum derivatives in 2023, with a quantity of 660.4 million barrels, followed by gasoline with 336.2 million barrels, then kerosene and jet fuel with 319.4 million barrels. Fuel oil, naphtha and petroleum gases recorded production of 263.1, 221.6 and 103.3 million barrels, respectively.Gasoline consumption in the GCC countries in 2023 logged about 336.6 million barrels, while gas oil/diesel consumption reached 299.7 million barrels.

The rest of the derivatives witnessed varying quantities between 34.8 and 268.3 million barrels.With regard to natural gas, the GCC countries’ reserves in 2023 reached about 44.195 billion cubic meters, which represent 21.4% of the total global reserves of natural gas, with an increase in reserves of 0.2% compared to the figures recorded in 2022.The GCC countries’ natural gas exports in 2023 logged about 180.9 billion cubic meters, which accounted for 13.1% of the total global natural gas exports, with an average annual growth rate in exports of 2.5% during the period from 2014 to 2023.The GCC countries’ production of marketed natural gas in 2023 reached about 464.2 billion cubic meters, which represented 10.8% of the total global production of marketed natural gas, with an increase of 1.4% compared to the figures recorded in 2022.

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% compared to the figures logged in 2022. The capacity increased, especially in recent years, in light of the Council’s implementation of policies related to the use of renewable energy instead of fossil energy.

The energy produced by the stations in 2023 reached about 14,403 gigawatt per hour, with an increase of 72.4% compared to the figures recorded in 2022.The GCC countries’ electricity production in 2023 reached about 794.9 thousand gigawatt per hour, with an average growth rate of about 4.7% during the period from 2019 to 2023. These figures logged an increase of 1.2% compared to the figures of 2022, while consumption reached 732.5 gigawatt per hour, with an increase of 1.3% compared to the figures logged in 2022.

Separately, global oil demand growth is projected to average 1.1 mb/d in 2025, up from 870 kb/d in 2024, according to the IEA Oil Market Report (OMR) for February.

The monthly publication noted that China will marginally remain the largest source of growth, even as the pace of its expansion is a fraction of recent trends and driven almost entirely by its petrochemical sector.

At the same time, India and other emerging Asian economies are taking up increasing shares. OECD demand is forecast to return to structural decline following a modest increase last year.‘’World oil supply plunged 950 kb/d to 102.7 mb/d in January, as seasonally colder weather hit North American supply, compounding output declines in Nigeria and Libya.

Supply was nevertheless 1.9 mb/d higher than a year ago, with gains led by the Americas. Global oil supply is on track to increase by 1.6 mb/d to 104.5 mb/d in 2025, with non-Opec+ producers accounting for the bulk of the increase if Opec+ voluntary cuts remain in place,’’ it said.Global observed oil stocks fell 17.1 mb m-o-m to 7 647 mb in December, as crude oil stocks plunged by 63.5 mb and products stocks rose by 46.4 mb. OECD industry inventories continued to decline, by 26.1 mb to 2 737.2 mb, 91.1 mb below their five-year average.

WAM