Arab countries’ consumption of oil products edged up by 6.4 per cent to 6.8 million barrels of oil equivalent a day compared with 3.8m barrels a day in 2001.
These countries’ consumption of natural gas stood at 7.2m barrels of oil equivalent in 2014, according to a report by the Organization of Arab Petroleum Exporting Countries (OAPEC).
Natural gas’ share of the energy mix in Arab countries increased from 42.5 per cent in 2001 to 50.5 per cent in 2014, while the share of oil products dropped to 47.7 per cent in 2014 from 54.4 per cent in 2001.
The report points out that oil and gas revenues played a major role in bringing about major economic and social transformations in Arab oil producers, particularly, the Gulf countries.
Furthermore, development-oriented assistance extended by the rich Gulf states, which amounted to $82.4 billion (during 2001-2014) helped non-oil Arab countries achieve development in various sectors.
Additionally, the report published by Al Eqtisadiah, indicates that remittances by Arab expatriates in oil-rich Gulf countries amounted to $347bn between 2001 and 2014 at an annual rate of $24.8bn.
However, the report warns that rising local consumption now and in the future will leave an impact on exports and revenues.
($1 = AED3.67, at the time of publishing)