Kuwait city: Crude oil production by member states of the Energy Organization (AEO) reached 21.6 million barrels per day, accounting for 24 percent of the global crude output which amounted to 88.7 million barrels per day, stated Jamal Al-Loughani, the AEO Secretary General, at a recent event in Kuwait.
According to Kuwait News Agency, Al-Loughani, citing the organization's annual report for 2024, emphasized at a ceremony attended by diplomats that the AEO member states have marketed 561 billion cubic meters of gas, representing a 14 percent share of the world's overall gas production. The Arab states' combined wind energy output reached 2.4 gigawatts, accounting for 0.5 percent of global production, while their solar energy production exceeded 17 gigawatts, making up 1.1 percent of the global total. Additionally, hydroelectricity output stood at 9.15 gigawatts, which is 0.5 percent of the world's output.
Al-Loughani highlighted that the release of the 51st report of the AEO, formerly known as the Organization of Arab Petroleum Exporting Countries (OAPEC), included data on the number of refineries in Arab countries, which reached 54 with a total refining capacity of 10.47 million barrels a day, representing 10.9 percent of the global capacity of 96.23 million barrels per day.
The report also detailed the export of 185.9 billion cubic meters of natural gas by member states, accounting for 16.3 percent of global exports. The nominal output capacity of liquefied natural gas was recorded at 120.3 million tons per year by the end of 2014, constituting 24.6 percent of the global capacity.
Al-Loughani noted a decline in the AEO's exports of crude and non-conventional oil by 163,000 barrels per day in 2024 compared to 2023, reaching 32.4 million barrels per day, while exports from non-member producers rose by 630,000 barrels per day, totaling 70.2 million barrels per day. He also emphasized the organization's efforts to upgrade petroleum industries through key ventures and highlighted 34 oil and gas discoveries in 2024.
Investments in new energy sources, such as hydrogen, were also discussed, with proven crude oil reserves in AEO countries reaching 713.4 billion barrels in 2024, representing 53 percent of the global reserves of 1,346 billion barrels. Gas reserves were recorded at 55.7 trillion cubic meters, making up 26 percent of the total global reserves of 213.8 trillion cubic meters.
Geopolitical tensions in the Middle East, particularly in the Red Sea, have negatively impacted oil trade, causing temporary concerns about supply cuts. Al-Loughani also pointed out that Western sanctions on Russia and its conflict with Ukraine have influenced global trade patterns, leading to a shift in Russian crude exports to Asia.
Global oil demand has decreased amid a slump in global trade, with China's demand falling due to increased sales of electric vehicles. Additionally, unseasonal hurricanes in the US have damaged energy infrastructure, further affecting demand.
Despite these challenges, the AEO and OPEC-plus oil-producing nations have sought to achieve balance in the global oil market by cutting production. Established in 1968, the AEO includes 11 member states: Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia, and the United Arab Emirates. Tunisia's membership has been suspended since 1986.