GCC Leads Global Oil Reserves & Exports

The GCC countries continue to dominate global energy markets, ranking first worldwide in key indicators such as crude oil production, crude oil reserves, crude oil exports, and natural gas reserves, according to the Statistical Center of the Cooperation Council for the GCC. In 2023, the GCC nations collectively produced around 17 million barrels of crude oil per day, accounting for 23.2% of total global crude production. Despite a 6.8% decline from 2022 levels, the region maintained its leading position in the global oil market. Additionally, the GCC’s crude oil reserves reached approximately 511.9 billion barrels, representing 32.6% of the world’s total, with an annual growth rate of 0.3% over the past decade.

Crude oil exports from the GCC in 2023 amounted to about 12.4 million barrels per day, contributing 28.2% to global crude exports. However, there was an 8.2% decline in crude exports compared to the previous year. On the other hand, petroleum derivative exports from the region reached 1,518.6 million barrels, making up 13.4% of global petroleum product exports—an increase of 7.1% year-on-year. The report also highlighted the region's robust natural gas industry. GCC countries held approximately 44.2 trillion cubic meters of natural gas reserves in 2023, representing 21.4% of the world’s total reserves, with a slight increase of 0.2% compared to 2022. Natural gas exports stood at 180.9 billion cubic meters, accounting for 13.1% of the global market, with an annual growth rate of 2.5% between 2014 and 2023.

In addition to its dominance in traditional energy sectors, the GCC is rapidly expanding its renewable energy capacity. The installed capacity of renewable energy stations across the region reached 10,742 megawatts in 2023, marking an impressive 74.7% increase compared to 2022. Energy production from these renewable sources reached 14,403 gigawatts per hour, reflecting a 72.4% year-on-year rise. Electricity generation across the GCC grew to approximately 794,900 gigawatts per hour in 2023, averaging a 4.7% annual growth from 2019 to 2023. Meanwhile, electricity consumption also rose, reaching 732,500 gigawatts per hour, reflecting a 1.3% increase compared to 2022. These figures highlight the region’s ongoing investment in energy infrastructure to support economic growth and diversification.