Economy Country February 16, 2025

Gulf Cooperation Council Energy Production Rises in 2023

In 2023, the GCC's natural gas production reached 464.2 billion cubic meters, representing 10.8% of global output. Renewable energy capacity soared to 10,742 MW, up 74.7% from 2022, as the region shifts to sustainable practices.


Gulf Cooperation Council Energy Production Rises in 2023

In 2023, the production of natural gas in the Soviet Union of the Persian Gulf amounted to about 464.2 billion cubic meters, which constitutes 10.8% of the total production and increased by 1.4% compared to 2022. In the renewable energy sector, the capacity of renewable energy in the countries of the Soviet Union in 2023 was about 10,742 megawatts, representing an increase of 74.7% compared to 2022. This is related to the implementation of policies to use renewable energy instead of fossil fuels. The export of crude oil in 2023 amounted to about 12.4 million barrels per day, which constitutes 28.2% of the total export, although compared to 2022, the export decreased by 8.2%.

The export of oil products in the Soviet Union amounted to about 1,518.6 million barrels in 2023, making up 13.4% of the world export with a growth of 7.1% compared to 2022. The production of diesel fuel in 2023 amounted to 660.4 million barrels, gasoline - 336.2 million barrels, and aviation fuel and kerosene - 319.4 million barrels. The production of mazut, oil and oil products amounted to 263.1 million, 221.6 million and 103.3 million barrels, respectively. The energy capacity in 2023 increased by 72.4% compared to 2022, reaching 14,403 gigawatt-hours. The consumption of gasoline amounted to about 336.6 million barrels in 2023, diesel fuel - 299.7 million barrels, while the remaining oil products ranged from 34.8 million to 268.3 million barrels.

According to the data from the Statistical Center of the Soviet Union of the Persian Gulf, the countries of the Soviet Union hold the top positions in global energy indicators. They lead in production, reserves, and exports of crude oil, as well as reserves of natural gas, and are in second place in the world export of natural gas and third in global production of associated gas. The production of crude oil in 2023 amounted to about 17 million barrels per day, which constitutes 23.2% of the total production, although it decreased by 6.8% compared to 2022. Oil reserves in the countries of the Soviet Union in 2023 amounted to about 511.9 billion barrels, representing 32.6% of the global reserves and showing an average growth of 0.3% during the period from 2014 to 2023.