Kuwait City: The Gulf States achieved leading positions in global energy rankings, topping indexes for crude oil exports, production, and reserves, as revealed by the Gulf Cooperation Council Statistical Center (GCCSC) on Saturday. According to Kuwait News Agency, the GCC states also secured first place in natural gas reserves, ranked second in exports, and third in marketed natural gas production, as per a report issued by the GCCSC. The report highlighted that in 2023, the GCC states' crude oil production reached 17 million barrels per day, accounting for 23.2 percent of global production, although this marked a 6.8 percent decrease from 2022. The report further detailed that the GCC's crude oil reserves in 2023 stood at 511.9 billion barrels, constituting 32.6 percent of global reserves with a modest annual growth of 0.03 percent from 2014 to 2023. Additionally, the region's crude oil exports amounted to 12.4 million barrels per day, representing 28.2 percent of global exports and reflecting an 8.2 perce nt decline from the previous year. The export of oil derivatives by GCC states rose to 1,518.6 million barrels, accounting for 13.4 percent of global exports, marking a 7.1 percent increase compared to 2022. Imports of oil derivatives totaled 212.3 million barrels, with a slight annual growth rate of 0.1 percent. In terms of petroleum derivatives, gas oil/diesel production led with 660.4 million barrels in 2023, followed by gasoline at 336.2 million barrels, and kerosene and jet fuel at 319.4 million barrels. Gasoline consumption in GCC countries reached approximately 336.6 million barrels in 2023, while gas oil/diesel consumption was 299.7 million barrels. Consumption of other derivatives ranged between 34.8 and 268.3 million barrels. The GCC's natural gas reserves were reported at 44.195 billion cubic meters in 2023, representing 21.4 percent of global reserves and an increase of 0.2 percent compared to 2022. The region's natural gas exports reached 180.9 billion cubic meters, making up 13.1 percent of g lobal exports, with an average annual growth rate of 2.5 percent from 2014 to 2023. Marketed natural gas output in 2023 was about 464.2 billion cubic meters, 10.8 percent of global production, with a 1.4 percent rise from 2022. On the renewable energy front, the GCC's renewable energy capacity was 10,742 megawatts in 2023, a significant increase of 74.7 percent from 2022. This growth was attributed to policies promoting renewable energy over fossil fuels. Energy produced from renewable stations totaled around 14,403 gigawatt-hours in 2023, a 72.4 percent increase from the previous year. Furthermore, electricity production in the GCC reached approximately 794.9 thousand gigawatt-hours in 2022, with an average annual growth of 4.7 percent from 2019 to 2023, and a 1.2 percent increase from 2022. Electricity consumption was recorded at 732.5 gigawatt-hours, reflecting a 1.3 percent rise compared to 2022, the report concluded.
Menu
