Members of the Gulf Cooperation Council (GCC) play a key role in the global energy system. Collectively, in 2014 the six countries supplied the global market with over 28 million barrels of oil equivalent per day of oil and natural gas. They also hold approximately 30% of global proven oil reserves, according to the 2014 BP Statistical Review. The oil and natural gas sector dominates local economic activity, constituting 44% of the region’s gross domestic product and 82% of government revenues in 2013. Beyond the upstream sector, a substantial share of the non-oil exports are still derived from crude oil and natural gas; the region is a large exporter of refined products and petrochemicals. Additionally, public government expenditure has been the main driver of infrastructure and services development in recent years. Thus, the activity of oil and gas production permeates almost the entire economy. The high dependence on hydrocarbon export revenues has placed economic diversification among the key issues for local policymakers.
Models for the economies and energy systems of GCC countries
- Initiative -
- Type Workshop brief
- Date 6 May 2015
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