Riyadh: Saudi Arabia has been confirmed as the Gulf Cooperation Council (GCC) nation with the highest oil reserves in 2024, boasting an estimated 267.7 billion barrels. Globally recognized as one of the top oil-rich countries, Saudi Arabia’s economy is heavily reliant on its petroleum industry.
The kingdom’s major oil fields—Ghawar and Safaniya—are among the largest in the world. These vast reserves place Saudi Arabia significantly ahead of its GCC neighbors in terms of oil wealth.
Kuwait follows with 104 billion barrels, the UAE with 111 billion barrels, Qatar with 25.2 billion barrels, Oman with 5.4 billion barrels, and Bahrain with just 124.5 million barrels.
Saudi Aramco, the national oil company, oversees the production and distribution of oil in the country. On average, Saudi Arabia produces about 11 million barrels of oil per day, accounting for roughly 11% of global oil output.
While fluctuations in global oil prices impact the kingdom’s economy, the sheer size and accessibility of its reserves give Saudi Arabia a distinct advantage in the region’s energy sector.
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