To say that the six countries that make up the Gulf Cooperative Council (GCC) live and breathe hydrocarbons is hardly an exaggeration. About 60years ago, the average city in Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Qatar, Bahrain, and Oman was home to maybe a few thousand people; fast forward to the present and many cities have transformed into world-class metropolises thanks to the region’s vast oil and gas riches. Saudi Arabia alone owns 16% of the world’s proven oil reserves and is also the world’s second-largest oil producer, responsible for 15% of global output.In the current year, Saudi Arabia and several other Middle East nations have reported rare budget surpluses thanks to high oil and gas prices. According to the kingdom’s finance ministry, releasing what it said were preliminary estimates, the country’s 2022 surplus clocked in at 102 billion…
The Middle East Oil And Gas Nations Pouring Billions Into Clean Energy
