The value added of the Gulf oil sector at current market prices reached approximately $561.2 billion in 2024, accounting for a 24.0% share of the regional GDP. At constant prices, the value added stood at $541.9 billion, representing a 29.3% contribution, according to the latest data from the GCC Statistical Centre.
The report indicates that crude oil production fell by 5.4% during 2024, reaching 16.1 million barrels per day (bpd) compared to 17.0 million bpd in 2023. Crude oil exports also saw a 7.2% decline to 11.5 million bpd from 12.3 million bpd in the previous year. While the "Energy Statistics" report reflects a comprehensive reading of the oil, gas, and renewable energy sectors, it also points to stable gas production and rising reserves. Marketed natural gas production experienced a marginal dip of no more than 0.4%, recording 442.0 billion cubic meters compared to 443.8 billion in 2023.
According to the report, the average annual growth rate for crude oil reserves from 2020 to 2024 reached 30.7%, while the annual growth for natural gas reserves averaged 1%. In 2024, GCC countries recorded reserves of 511.9 billion barrels of crude oil and 44.3 trillion cubic meters of natural gas. Global energy indicators further show that the GCC contributed 21.8% of world crude oil production and 26.6% of its exports. Additionally, the region holds 32.7% of global proven oil reserves and 21.2% of natural gas reserves. In the field of sustainability, total renewable energy capacity reached 14.2 GW in 2024, while Gulf electrical interconnection projects achieved economic savings of $540.5 million, with exchanged energy totaling 1,795.9 GWh.