(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, July 22 (KUNA) -- Crude oil production by member states of the Energy Organization reached 21.6 million barrels per day, accounting to 24 percent of the global crude output that amounted to 88.7 million bpd, said Jamal Al-Loughani, the AEO Secretary General, on Tuesday.
Al-Loughani, citing the organization's annual report (2024) and speaking at a ceremony on the occasion attended by diplomats in Kuwait, said the organization's member states have currently marketed 561 billion cubic meters of Gas, a 14 percent quota of the world's overall gas production.
The combined wind energy, produced by the Arab states, has reached 2.4 gigawatts, 0.5 percent of the global production, the combined solar energy exceeded 17 gigawatts, 1.1 percent of the global record, while hydroelectricity recorded 9.15 gigawatts, 0.5 percent of the world's output.
Al-Loughani, marking release of the 51st report of the AEO (formerly the Organization of Arab Petroleum Exporting Countries, OAPEC), added that the number of refineries in the Arab countries reached 54, with a total refinancing capacity of 10.47 million barrels a day, 10.9 percent of the global record (96.23 million bpd).
As to natural gas, the member states exported 185.9 billion cubic meters, 16.3 percent of the globe's record, while the nominal output capacity of the liquefied natural gas was recorded at 120.3 million tons per year in the end of 2014, 24.6 percent of the globe's record.
The AEO's exports of crude and non-conventional oil, dropped by 163,000 bpd (in 2024 compared to 2023) reaching 32.4 million bpd while those from producers outside the organization rose by 630,000 bpd reaching 70.2 million bpd, Al-Loughani said.
Al-Loughani said the report sheds light on the member states' efforts to overhaul the petroleum industries by launching various key ventures, adding that oil and gas discoveries reached 34 in 2024.
He added that the report sheds light on investments in new energy sources such as the hydrogen revealing that the proven reserves of the crude oil in the AEO countries reached 713.4 billion barrels in 2024, accounting to 53 percent of the global record (13.46 billion barrels).
He added that the gas reserves were recorded at 55.7 trillion cubic meter, 26 percent of the total global reserves amounting to 213.8 trillion cubic meters.
Al-Loughani confirmed that geopolitical jitters in the Middle East, particularly in the Red Sea, impacted negatively on the oil trade and triggered temporary jitters with respect of supplies' cut.
Western sanctions on Russia and its war with Ukraine have also affected global trade, he said, indicating that the Russians have shifted crude exports to Asia.
Global demand for oil has largely dropped due to slump of the global trade, he said, noting that China's oil demand fell as a resulted of increasing sales of electric vehicles. Unseasonal hurricanes that whipped the US was also among the negative factors due to the damage in the energy infrastructure.
Despite these challenges the AEO and OPEC-plus oil producing nations have tried to attain balance in the global oil market, cutting the production.
OAPEC was established in 1968. The AEO has 11 member states: Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia, and the United Arab Emirates. Tunisia's membership was suspended in 1986. (end)
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