MUSCAT -- The Gulf Cooperation Council (GCC) Statistical Center (GCC-STAT) stated Sunday that Gulf countries contributed 21.8 percent to global crude oil production and 26.6 percent to its exports in 2024.


In its "Energy Statistics" report, which provides a comprehensive overview of the oil, gas, and renewable energy sectors in the Gulf, the center added that GCC nations accounted for 10 percent of global marketed natural gas production and 13.5 percent of its exports that year.


It noted that GCC holds 32.7 percent of world oil reserves and 21.2 percent of natural gas reserves, based on global energy indicators.


The oil sector's added value at current market prices reached about USD 561.2 billion (24 percent of gross domestic product (GDP)), while at constant prices (excluding inflation), it was USD 541.9 billion (29.3 percent of GDP), it explained.
Energy data showed a 5.4 percent drop in crude oil production to 16.1 million barrels per day (bpd) from 17 million bpd in 2023.
Crude oil exports fell 7.2 percent to 11.5 million bpd from 12.3 million bpd, it pointed out.


Marketed natural gas production declined slightly by 0.4 percent to 442 billion cubic meters from 443.8 billion in 2023, GCC-STAT mentioned.


The average annual growth rate for oil reserves from 2020-24 was 30.7 percent, and for natural gas reserves, 1 percent.
In 2024, GCC reserves totaled 511.9 billion barrels of crude oil and 44.3 trillion cubic meters of natural gas, it said.


Total renewable energy capacity in GCC reached 14.2 gigawatts (0.3 percent of global capacity) in 2024, the center added.
GCC electrical interconnection projects achieved economic savings of USD 540.5 million, with exchanged energy amounting to 1,795 gigawatt-hours, it pointed out.


Established in Oman, the GCC Statistical Center serves as the official source for GCC data and information, while enhancing national statistical and planning efforts. (end)lr

All KUNA right are reserved © 2026 Provided by SyndiGate Media Inc. (Syndigate.info).