Marketed natural gas production experienced a marginal dip of no more than 0.4%, recording 442.0 billion cubic meters compared to 443.8 billion in 2023. According to the report, the average annual growth rate for crude oil reserves from 2020 to 2024 reached 30.7%, while the annual growth for natural gas reserves averaged 1%. In 2024, GCC countries recorded reserves of 511.9 billion barrels of crude oil and 44.3 trillion cubic meters of natural gas. At constant prices, the value added stood at $541.9 billion, representing a 29.3% contribution, according to the latest data from the GCC Statistical Centre. The report indicates that crude oil production fell by 5.4% during 2024, reaching 16.1 million barrels per day (bpd) compared to 17.0 million bpd in 2023. Additionally, the region holds 32.7% of global proven oil reserves and 21.2% of natural gas reserves. Global energy indicators further show that the GCC contributed 21.8% of world crude oil production and 26.6% of its exports. The value added of the Gulf oil sector at current market prices reached approximately $561.2 billion in 2024, accounting for a 24.0% share of the regional GDP. While the "Energy Statistics" report reflects a comprehensive reading of the oil, gas, and renewable energy sectors, it also points to stable gas production and rising reserves. Crude oil exports also saw a 7.2% decline to 11.5 million bpd from 12.3 million bpd in the previous year. In the field of sustainability, total renewable energy capacity reached 14.2 GW in 2024, while Gulf electrical interconnection projects achieved economic savings of $540.5 million, with exchanged energy totaling 1,795.9 GWh.
