BP’s latest ‘Statistical Review of World Energy’ offers no surprises in identifying the top global sources of energy. The report, among other things, reaffirms that, at 11.5 million barrels per day, Saudi Arabia leads the world in the production of crude oil.

The world’s top three producers are Saudi Arabia, Russia and the US, accounting for 13.1, 12 and 10.8 per cent of total oil output, respectively.

Collectively, the Gulf Cooperation Council produced 24 per cent of the world’s oil output in 2013, something that is quite unmatched. It is widely acknowledged that Saudi Arabia has the capacity to enhance output by a sizeable amount on a daily basis if need be. This was proven during the succession of crisis of recent years, including disruption of oil flows from Libya and Syria and the West’s boycott of Iranian oil.

Also, GCC countries are known for having the willingness and financial capability to invest substantial amounts to expand production capacity, in turn regarded essential to sustain the appetite of a back to expanding global economy.

Turning to reserves, contrary to popular thoughts, Venezuela rather than Saudi Arabia leads in the amount of proven oil reserves, accounting for 17.7 per cent and 15.8 per cent, respectively. However, Venezuela lags behind Saudi Arabia in output, producing 2.6 million barrels per day or 3.3 per cent of the world’s total.

Still, several other GCC countries are noted for enjoying relatively significant oil reserves, at 6, 5.8, 1.5 and 0.3 per cent for Kuwait, the UAE, Qatar and Oman respectively. Collectively, GCC controls a near 30 per cent of total proven reserves in the world. With some 500 billion barrels of reserves, they account for 41 per cent of total reserves of the Opec club, which also includes Venezuela, Iran and Libya.

Turning a gaze to natural gas, the BP report finds Qatar has some 25 trillion cubic meters of proven gas reserves, thereby making it the third largest in the world with 13.3 per cent. The top two are Iran and Russia, accounting for 18.2 per cent and 16.8 per cent respectively.

Yet, Qatar stands out for being the largest exporter of liquefied natural gas (LNG), accounting for 32 per cent in 2013, according to the BP report. Qatar’s LNG clients include Japan, South Korea, India, Spain, the UK and the US.

In fact, the report confirms Qatar as the largest source of growth increment of LNG in 2013. The LNG business is vital by virtue of accounting for 31 per cent of the global trade in gas. Qatar’s LNG capacity stands at 77 million tonnes per annum, second to none globally. (But further expansion has been put on hold due the laws of demand and supply.)

Undoubtedly, processed crude oil or petroleum products are vital for the global economy. To the Gulf’s advantage, it is suggested that its oil deposits could be sustained for decades based on current production levels, by one account for some 200 years.

Understandably, the world will always looks for other sources where possible, like with shale. But the viability is yet to be tested to the fullest extent.

The writer is a Member of Parliament in Bahrain.