Page 11 - Policy Economic Report - June 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 6: Global gas flaring and oil production

Source- World Bank

• According to World Bank, the top 9 largest flaring countries in 2023 were Russia, Iran, Iraq, the United
States, Venezuela, Algeria, Libya, Nigeria, and Mexico. These countries accounted for around 75
percent of all gas flared and 46 percent of global oil production.

• According to World Bank, capturing and using this wasted gas could displace dirtier energy sources,
reduce greenhouse gas emissions, and generate enough power to double the amount of electricity
provided in Sub-Saharan Africa.

4. Global FDI declines by 2% in 2023 – UNCTAD

• According to UNCTAD, global FDI flows fell 2% to $1.3 trillion in 2023, as trade and geopolitical
tensions weighed on a slowing global economy.

• FDI flows to developing countries dropped by 7% to $867 billion, reflecting an 8% decrease in
developing Asia, 3% in Africa and by 1% in Latin America and the Caribbean. Tight financing
conditions led to a 26% fall in international project finance deals, critical for infrastructure
investment.

• On the other hand, flows to developed countries were strongly affected by financial transactions of
multinational enterprises, partly due to efforts to implement a global minimum tax rate on the profits
of these corporations. Inflows to most parts of Europe and North America were down by 14% and
5%, respectively.

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