Muscat: The report noted that the sector’s added value at constant prices reached $541.9 billion, accounting for 29.3 percent of the total gross domestic product across GCC nations, highlighting the continued significance of hydrocarbons to the region’s economy.
Despite the strong economic contribution, the data showed a 5.4 percent decline in crude oil production during 2024, with output reaching 16.1 million barrels per day, compared to 17.0 million barrels per day in 2023. Crude oil exports also recorded a 7.2 percent decrease, falling to 11.5 million barrels per day from 12.3 million barrels per day in the previous year.
The Statistical Center’s Energy Statistics report provides a comprehensive overview of the performance of the oil, gas, and renewable energy sectors across GCC countries. While oil production declined, the report indicated relative stability in the natural gas sector.
Marketed natural gas production experienced a slight drop of 0.4 percent, reaching 442.0 billion cubic meters in 2024, compared to 443.8 billion cubic meters in 2023.
Meanwhile, hydrocarbon reserves continued to grow. The average annual growth rate of crude oil reserves between 2020 and 2024 stood at 30.7 percent, while natural gas reserves grew at an average rate of one percent annually. By 2024, GCC countries collectively held 511.9 billion barrels of crude oil reserves and 44.3 trillion cubic meters of natural gas reserves.
Globally, the GCC maintained a significant presence in energy markets. In 2024, the region accounted for 21.8 percent of global crude oil production and 26.6 percent of global oil exports. It also contributed 10 percent of the world’s marketed natural gas production and 13.5 percent of global natural gas exports.
In terms of reserves, GCC countries possess 32.7 percent of the world’s oil reserves and 21.2 percent of global natural gas reserves, underscoring the region’s strategic importance to global energy security.
The report also highlighted progress in the renewable energy sector, although its share remains modest. Total renewable energy capacity in the GCC reached 14.2 gigawatts in 2024, representing 0.3 percent of global renewable capacity.
Additionally, Gulf electrical interconnection projects generated economic savings of $540.5 million, with 1,795.9 gigawatt-hours of electricity exchanged between GCC countries.
In 2024, the GCC oil sector contributed $561 billion to the economy, despite a 5.4% drop in crude oil production and a 7.2% decline in exports. The region remains a key player in global energy markets, holding significant oil and gas reserves. Renewable energy capacity is growing, though it still represents a small fraction of the total energy mix.