The six-nation Gulf Cooperation Council (GCC) is the undisputed global leader in energy resources, a fact that should provide comfort to many stakeholders. Relying on its spare capacity, Saudi Arabia has traditionally shown the readiness to increase crude output in the event of any foreseeable drop in production due to diverse factors including political turmoil. The response to production problems facing Opec member Libya, a country boasting output of 1.5 million per day, springs to mind.
Global share
To be sure, Saudi Arabia falls behind Russia in terms of production of oil, but the kingdom stands out as the largest oil exporter. According to the recently published BP Statistical Review of World Energy, Russia and Saudi Arabia accounted for 12.9 per cent and 12 per cent of global oil output in 2010, respectively. Yet, unlike Russia, the kingdom exports a substantial portion of its output. Likewise, other GCC countries too stand out for their export capabilities, notably the UAE and Kuwait, which boast 3.3 per cent and 3.1 per cent of global oil output, respectively. Qatar and Oman account for 1.7 per cent and 1 per cent of worldwide oil output, respectively.
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