Gulf Cooperation Council (GCC) countries continue to strengthen their position in global energy markets, supported by extensive natural resources, advanced infrastructure and sector expertise, according to data released by the GCC Statistical Centre.
The data show that the region’s energy strategy is increasingly expanding beyond oil and gas production and exports to include diversifying energy sources, improving production efficiency and developing renewable energy projects.
According to the centre’s energy statistics publication, the value added of the Gulf oil sector at current market prices reached about $561.2 billion in 2024, contributing 24% to gross domestic product. At constant prices, the value added reached $541.9 billion, accounting for 29.3% of GDP.
Crude oil production declined 5.4% in 2024 to 16.1 million barrels per day, compared with 17.0 million barrels per day in 2023. Crude oil exports also fell 7.2% to 11.5 million barrels per day from 12.3 million barrels per day a year earlier.
Marketed natural gas production recorded a slight decline of 0.4%, reaching 442.0 billion cubic metres in 2024 compared with 443.8 billion cubic metres in the previous year.
The data show that crude oil reserves grew at an average annual rate of 30.7% between 2020 and 2024, while natural gas reserves increased by an average of 1.0% annually.
In 2024, GCC countries held 511.9 billion barrels of crude oil reserves and 44.3 trillion cubic metres of natural gas reserves.
Globally, the region accounted for 21.8% of crude oil production and 26.6% of exports, while contributing 10% of global marketed natural gas production and 13.5% of exports.
GCC countries also hold 32.7% of global oil reserves and 21.2% of global natural gas reserves.
Renewable energy capacity in GCC countries reached 14.2 gigawatts in 2024, equivalent to 0.3% of global capacity.
Electricity interconnection projects across the region generated economic savings of $540.5 million, while electricity exchanged among member states reached 1,795.9 gigawatt-hours.