The 2016 “BP Statistical Review of World Energy” confirms Gulf oil producers’ substantial reserves of crude oil and gas. Yet, the report points out to a slide in output from while Gulf states adjust to the plunge of oil prices since mid-2014.

Collectively, Gulf countries controlled a notable 29 per cent of known oil reserves in 2015, accounting for nearly 41 per cent of total reserves held by Opec. The grouping as a whole accounts for 71 per cent of proven oil reserves, a fact that sustains the importance of Opec as a reliable source of global energy.

Of the Gulf states, only Oman and Bahrain are not members. The former opted not to join Opec to maintain independent economic policies. Nevertheless, Oman tends to follow Opec’s production and pricing strategies.

With a global oil share of 15.7 per cent, Saudi Arabia retains its position as the second largest source of proven reserves after Venezuela, which in turn controls 17.7 per cent of the world’s total. However, Venezuela lags in regard to production and export of oil.

The reserves of the other Gulf producers cannot be overlooked either. These respectively stand at 6 per cent, 5.8 per cent, 1.5 per cent and 0.3 per cent, respectively, for Kuwait, the UAE, Qatar and Oman. Only Bahrain, the smallest GCC member state in terms of size and economy, does not hold a sizeable amount of reserves.

Concerning production, GCC states contributed 23.3 per cent of global output in 2015, down from nearly a quarter of from just a few years ago. Led by Saudi Arabia, GCC countries made the right move limiting output where possible while trying to adjust to the fall in prices. By doing so, Gulf producers are shouldering their responsibility to help bring stability in the oil market.

In 2014, the US had overtaken Saudi Arabia as the largest oil producer in the world though only marginally. The output for the US, Saudi Arabia and Russia were at 13 per cent, 12.9 per cent and 11.41 per cent of global production in 2015.

In fact, the steady rise in the production in the US is partly responsible for the drop of oil prices over the past two years. Clearly, the US has been pursuing a strategic option of enhancing production together with limiting imports, especially from the turbulent Middle East.

Oil accounts for one third of global fuel consumption, according to the report. Likewise, GCC member states are also important players when it comes to natural gas, with Qatar having 24.5 trillion cubic meters of proven gas reserves, the third largest in the world. The top three holders of gas reserves are Iran, Russia and Qatar, accounting for 18.2 per cent, 17.3.8 per cent and 13.1 per cent.

Qatar stands out for being the largest exporter of liquefied natural gas (LNG), accounting for 32 per cent. More than half of Qatar’s LNG exports go to Asia.

GCC countries are responsible partners in the business of oil with a track record of willingly increasing output to meet demand as well as reducing production to help stabilise prices. Certainly, all roads lead to GCC in the oil business.

The writer is a Member of Parliament in Bahrain.