GULF COOPERATION COUNCIL (GCC) :
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GCC is a trade bloc involving the six Arab nations of the Arabian Gulf with common economic and social objectives. GCC was established on 25th May 1981 comprises Kingdom of Saudi Arabia, State of Kuwait, State of Qatar, Kingdom of Bahrain, the United Arab Emirates and Sultanate of Oman.
GCC accounts for nearly 45% of global proven oil reserves and 20% of world gas. It currently produces 15 million barrels per day (mbpd), which is close to 20% of the world total.
GCC countries are enjoying a spectacular economic boom due to high oil prices The GCC economy has surged past USD 1 trillion in nominal terms in 2008, marking a three-fold increase in only five years.
Kingdom of Saudi Arabia has the largest proven oil reserves in the world at an estimated at 264.2 billion barrels and accounts for around 20% of proven conventional oil reserves. Saudi Arabia maintains its position as a world leader in terms of oil production capacity, estimated at around 10.5-11.0 mbpd. Saudi Arabia is increasing its oil production capacity to 12.5 mbpd in 2009 and investing USD 248 billion in oil, gas and petrochemical projects.
United Arab Emirates (UAE) has proven oil reserves of 97.8 billion barrels which is 8.1 percent of the world's total reserves. UAE is the 8th largest oil producer in the world and 3rd largest in the Middle East. UAE's crude oil production stood at 2.5 mbpd in 2007 and has also undertaken significant expansion projects in order to increase production capacity and maintain market stability.
State of Kuwait has the 4th largest oil reserves in the world with an estimated proven oil reserve of 101.5 billion barrels, which constitutes around 8.5 % of world total oil reserves. Kuwait's crude oil production averaged at 2.5 mbpd in 2007 and had announced plans to increase crude oil production capacity to 3.0 mbpd by 2010, 3.5 mbpd by 2015 and 4.0 mbpd by 2020.
State of Qatar has an estimated proven oil reserve of 15.2 billion barrels that is the 4th largest oil reserves among GCC countries. Qatar's crude oil production is 0.8 mbpd. Qatar is planning to invest USD 80-100 billion in upstream and downstream sectors over the medium-term in hopes to capitalize on economic growth and rising oil demand in Asia Pacific region.
Kingdom of Bahrain dependence on oil is considerably lower when compared to its peers. Bahrain's proven oil reserves stood at 125.0 million barrels . Because of limited reserves, Bahrain has worked to diversify its economy over the past decade. Bahrain has stabilized its oil production at about 0.04 mbpd , and reserves are expected to last 10 to 15 years.
Sultanate of Oman proven oil reserves stood at 5.6 billion barrels with production averaged at 0.7 mbpd.
