The Statistical Center for the Cooperation Council for the Arab States of the Gulf revealed on Sunday, March 15th, that the GCC countries strengthened their presence in the global energy market during 2024, as their contribution reached 21.8 percent of global crude oil production and 26.6 percent of its exports internationally, which confirms the continued strategic weight of the region in the global energy equation.
The Center explained, in the "Energy Statistics" report, which monitors the performance of the oil, gas, and renewable energy sectors, that the contribution of the GCC countries to the production of marketed natural gas globally reached 10 percent during 2024, while its share of gas exports reached 13.5 percent, despite the challenges facing international markets. The report pointed out that the Gulf countries possess 32.7 percent of the global oil reserves, in addition to 21.2 percent of natural gas reserves, according to global energy indicators, which reinforces its position as one of the most prominent energy poles in the world. On the economic performance level, the added value of the Gulf oil sector at current market prices during 2024 recorded about 561.2 billion US dollars, with a contribution rate of 24 percent of the gross domestic product, while the added value at constant prices, after excluding the effect of inflation, was about 541.9 billion dollars, with a contribution rate of approximately 29.3 percent. In contrast, the Center's data showed a decrease in crude oil production by 5.4 percent during 2024, reaching 16.1 million barrels per day, compared to 17 million barrels per day in 2023. Crude oil exports also recorded a decrease of 7.2 percent, stabilizing at 11.5 million barrels per day, compared to 12.3 million barrels per day in the previous year. As for the production of marketed natural gas, it witnessed a slight decrease that did not exceed 0.4 percent, recording 442 billion cubic meters, compared to 443.8 billion cubic meters in 2023, which reflects relative stability in this sector compared to oil. The report recorded remarkable growth in energy reserves, where the average annual growth rate of crude oil reserves during the period between 2020 and 2024 was about 30.7 percent, while the average annual growth of natural gas reserves was about 1 percent, in an indication of the continuation of strategic investments in strengthening Gulf energy security.
