The value added by the oil sector in the Gulf region for 2024 is estimated at approximately $561.2 billion, contributing 24.0% to the Gross Domestic Product (GDP). When calculated at constant prices, the added value reaches $541.9 billion, representing a contribution of 29.3%, according to the latest data released by the Statistical Center of the Gulf Cooperation Council (GCC) countries.
Production and Export Trends
The data indicates a decline in crude oil production of 5.4% in 2024, with output averaging 16.1 million barrels per day compared to 17.0 million barrels per day in 2023. Additionally, crude oil exports have fallen by 7.2%, reaching 11.5 million barrels per day compared to 12.3 million barrels per day the previous year. The center provides a comprehensive analysis of the performance of the oil, gas, and renewable energy sectors within the Council through its “Energy Statistics” report, which notes stability in gas production and an increase in reserves.
Natural Gas Production
Natural gas marketed production experienced a slight decrease of 0.4%, totaling 442.0 billion cubic meters, down from 443.8 billion cubic meters in 2023.
Reserves Growth
The report shows that the average annual growth rate for crude oil reserves from 2020 to 2024 was 30.7%, while the average annual growth rate for natural gas reserves was 1%. As of 2024, the GCC countries reported total reserves of 511.9 billion barrels of crude oil and 44.3 trillion cubic meters of natural gas.
Global Energy Contributions
According to global energy indicators for 2024, GCC countries accounted for 21.8% of global crude oil production and 26.6% of its exports. Furthermore, their contribution to marketed natural gas production was 10% and 13.5% of global exports. The GCC also holds 32.7% of the world’s crude oil reserves and 21.2% of natural gas reserves.
Renewable Energy Capacity
The report highlights that the total renewable energy capacity in GCC countries reached 14.2 gigawatts in 2024, which is only 0.3% of the global capacity. Additionally, the Gulf interconnection projects generated economic savings of $540.5 million, with a total exchange of 1,795.9 gigawatt-hours of energy among the member states.