Muscat, March 15 (QNA) - The oil sector in the Gulf contributed about $561.2 billion to the region's economy in 2024, accounting for 24% of gross domestic product at current market prices, according to new data.
Figures released by the Statistical Center for the Cooperation Council for the Arab Countries of the Gulf showed the sector's value added at constant prices reached $541.9 billion, representing 29.3% of GDP across the Gulf Cooperation Council (GCC).
The report indicated that crude oil production across GCC states declined by 5.4% in 2024, averaging 16.1 million barrels per day, compared with 17.0 million barrels per day in 2023.
Crude oil exports also fell by 7.2%, dropping to 11.5 million barrels per day from 12.3 million barrels per day the previous year. The data forms part of the center's "Energy Statistics" report, which provides an overview of oil, gas and renewable energy performance across the GCC.
Natural gas production remained largely stable. Marketed natural gas output dipped slightly by 0.4%, reaching 442.0 billion cubic meters in 2024, down from 443.8 billion cubic meters in 2023.
The report also highlighted growth in energy reserves. Between 2020 and 2024, crude oil reserves in GCC countries recorded an average annual growth rate of 30.7%, while natural gas reserves grew by an average of 1% per year. By 2024, GCC countries held an estimated 511.9 billion barrels of crude oil reserves and around 44.3 trillion cubic meters of natural gas.
Globally, the region continues to play a major role in energy markets. GCC countries accounted for 21.8% of global crude oil production and 26.6% of global crude exports in 2024. They also contributed 10% of worldwide marketed natural gas production and 13.5% of global gas exports.
According to the report, the bloc holds 32.7% of the world's proven oil reserves and 21.2% of global natural gas reserves. Despite the dominance of hydrocarbons, renewable energy capacity in the GCC is expanding. Total renewable energy capacity reached 14.2 gigawatts in 2024, though this represents just 0.3% of global capacity.
The report also noted economic benefits from regional electricity interconnection projects, which generated savings of around $540.5 million. Electricity exchanges between GCC countries reached 1,795.9 gigawatt hours during the year. (QNA)