GCC countries hold top spot in crude oil production, reserves, and exports

Muscat: The GCC countries—of which Oman is a founding member—collectively top the charts in crude oil production, reserves, exports, and natural gas reserves, according to new data from the Statistical Center for the Cooperation Council for the Arab States of the Gulf.

Despite a 6.8% dip in overall GCC crude production last year, the region still averaged 17 million barrels per day (bpd) in 2023, constituting 23.2% of total global output. GCC nations also command a formidable 32.6% of world crude oil reserves, amounting to 511.9 billion barrels. Remarkably, the region exported 12.4 million bpd in 2023—28.2% of total global crude exports—despite an 8.2% year-on-year drop.
The GCC further demonstrated its energy clout by ranking second globally in natural gas exports and third in marketed natural gas production. In 2023, the region produced 464.2 billion cubic meters of marketed natural gas, 10.8% of the world total and a 1.4% increase from 2022. The GCC holds 21.4% of global natural gas reserves, rising 0.2% from the previous year.
Highlighting a commitment to diversifying beyond fossil fuels, the GCC’s renewable energy capacity reached 10,742 megawatts in 2023—a 74.7% surge over 2022. These stations generated 14,403 gigawatt-hours of electricity, up 72.4% year-on-year, reflecting the Council’s push toward sustainable energy policies.

Growth and consumption trends
Oil derivatives: The region exported 1,518.6 million barrels in 2023—13.4% of global oil derivatives exports—with 7.1% growth over 2022.
Gasoline & Diesel: GCC countries consumed 336.6 million barrels of gasoline and 299.7 million barrels of diesel last year.
Electricity: Total GCC power generation rose to 794.9 thousand gigawatt-hours in 2023, a 1.2% uptick from 2022. Consumption also climbed by 1.3% to 732.5 thousand gigawatt-hours.