GCC Strengthens Global Energy Position Amid Diversification and Renewable Push

Countries in the Gulf Cooperation Council (GCC) continue to reinforce their position as a major force in global energy markets, supported by vast natural resources, advanced infrastructure, and long-standing sector expertise, according to data released by the GCC Statistical Centre (GCC Stat).

The region’s energy strategy is increasingly shifting beyond traditional oil production and exports toward a more diversified approach, focusing on energy efficiency, renewable energy expansion, and broader resource management.

According to the latest data, the GCC oil sector’s value added at current prices reached approximately USD 561.2 billion in 2024, contributing 24.0% to GDP, while at constant prices it stood at USD 541.9 billion, accounting for 29.3% of GDP.

However, crude oil production declined by 5.4% to 16.1 million barrels per day (mb/d) in 2024, compared to 17.0 mb/d in 2023. Similarly, crude oil exports fell by 7.2%, reaching 11.5 mb/d, down from 12.3 mb/d in the previous year.

The Centre’s “Energy Statistics” report also highlighted relative stability in the natural gas sector, with marketed gas production witnessing a marginal decline of 0.4% to 442.0 billion cubic meters in 2024.

In terms of reserves, GCC countries recorded 511.9 billion barrels of crude oil and 44.3 trillion cubic meters of natural gas in 2024. The average annual growth rate of crude oil reserves between 2020 and 2024 reached 30.7%, while natural gas reserves grew at an average rate of 1.0%.

Globally, GCC nations accounted for 21.8% of crude oil production and 26.6% of exports in 2024. Their share also included 10.0% of global marketed natural gas production and 13.5% of exports, alongside holding 32.7% of global oil reserves and 21.2% of natural gas reserves.

On the renewable front, total installed capacity across GCC countries reached 14.2 GW in 2024, representing 0.3% of global renewable capacity, reflecting gradual but growing diversification efforts.

Additionally, regional electricity interconnection projects delivered economic savings of USD 540.5 million, with total electricity exchange among member states reaching 1,795.9 GWh, underscoring increased cooperation in energy infrastructure.