GCC crude oil industry - Statistics & Facts

The Gulf Cooperation Council (GCC) is composed of Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Oman and Bahrain. It was founded in 1981 to increase economic and political cooperation between its member states. Oil reserves were discovered on the Arabian peninsula in the 1930s, and revenue from them led to increased economic prosperity and development for the GCC member states throughout the 20th century.

Saudi Arabia is amongst the world's largest crude oil producer alongside Russia and the United States. Saudi Arabia is considered a crude oil swing producer because it can increase or decrease its oil production output without significantly increasing production cost. Along with Venezuela, Saudi Arabia has one of the largest crude oil reserves worldwide.

Saudi Arabia, the United Arab Emirates, Kuwait and Qatar to are referred to as rentier states, which means most of their revenue comes from fossil fuels instead of taxation. This has led to distortion of those countries’ labor markets, as the workforce participation rate of their native populations is very low and the majority of their workforces consist of expatriates.

The volatility of the oil prices in recent years encouraged the governments of the GCC member states to accelerate the process of economic diversification in order to decrease their dependence on fossil fuel and increase their global competitiveness in the future.

The United Arab Emirates has thus far been the most successful GCC member state to shift its revenue away from dependence on fossil fuels, having established itself as a tourist destination and a financial hub for the Middle East.

Qatar has diversified from crude oil and as of 2017 is the largest natural gas exporter in the world.

Interesting statistics

In the following 5 chapters, you will quickly find the 19 most important statistics relating to "GCC crude oil industry".

Crude oil industry of the Gulf Cooperation Council

Dossier on the topic

All important statistics are prepared by our experts – available for direct download as PPT & PDF!

Important key figures

The most important key figures provide you with a compact summary of the topic of "GCC crude oil industry" and take you straight to the corresponding statistics.

Oil reserves

Crude oil export

Oil industry as share of GDP

Interesting Statista reports

  • Statista Toplist

Any more questions?

Any more questions?

Get in touch with us quickly and easily.
We are happy to help!

Get in touch with us quickly and easily.
We are happy to help!

Do you still have questions?

Feel free to contact us anytime using our contact form or visit our FAQ page.