GCC-stat
Muscat, 15 Mar 2026 (ONA) — The oil sector in the Gulf region generated $561.2 billion in value added at current market prices in 2024, accounting for 24.0 percent of the region’s gross domestic product, according to newly released data from the Statistical Center for the Cooperation Council for the Arab States of the Gulf.
At constant prices, the sector recorded $541.9 billion in value added, representing 29.3 percent of GDP across the member states of the Gulf Cooperation Council.
The data revealed a 5.4 percent decline in crude oil production in 2024, with output averaging 16.1 million barrels per day, compared to 17.0 million barrels per day in 2023.
Crude oil exports also decreased by 7.2 percent, reaching 11.5 million barrels per day, down from 12.3 million barrels per day the previous year.
According to the Center’s Energy Statistics report, marketed natural gas production remained relatively stable, registering a slight decrease of 0.4 percent to 442.0 billion cubic meters, compared to 443.8 billion cubic meters in 2023.
The report also highlighted growth in hydrocarbon reserves, noting that crude oil reserves expanded at an average annual rate of 30.7 percent between 2020 and 2024, while natural gas reserves grew by 1.0 percent annually during the same period.
By the end of 2024, GCC countries held proven reserves of 511.9 billion barrels of crude oil and 44.3 trillion cubic meters of natural gas.
Despite production fluctuations, the Gulf region maintained a significant role in global energy markets, accounting for 21.8 percent of global crude oil production and 26.6 percent of worldwide crude exports.
The region also contributed 10.0 percent of global marketed natural gas production and 13.5 percent of international gas exports.
Overall, GCC countries possess 32.7 percent of global proven oil reserves and 21.2 percent of the world’s natural gas reserves, underscoring the region’s strategic importance in the global energy landscape.
In the field of renewable energy, GCC states recorded total installed capacity of 14.2 gigawatts in 2024, representing 0.3 percent of global capacity, reflecting gradual progress toward energy diversification.
Meanwhile, the GCC Interconnection Authority continued to generate economic benefits through the Gulf electrical interconnection network, which achieved $540.5 million in savings through cross-border electricity trading.
The network facilitated the exchange of 1,795.9 gigawatt-hours of electricity among member states during the year.
