Gulf oil sector contributes about $561bn to regional economy in 2024

MUSCAT: The oil sector in the Gulf contributed about $561.2 billion to the region s economy in 2024, accounting for 24% of gross domestic product at c...

MUSCAT: The oil sector in the Gulf contributed about $561.2 billion to the region’s economy in 2024, accounting for 24% of gross domestic product at current market prices, according to new data.

Figures released by the Statistical Center for the Cooperation Council for the Arab Countries of the Gulf showed the sector’s value added at constant prices reached $541.9 billion, representing 29.3% of GDP across the Gulf Cooperation Council (GCC).

The report indicated that crude oil production across GCC states declined by 5.4% in 2024, averaging 16.1 million barrels per day, compared with 17.0 million barrels per day in 2023.

Crude oil exports also fell by 7.2%, dropping to 11.5 million barrels per day from 12.3 million barrels per day the previous year. The data forms part of the center’s “Energy Statistics” report, which provides an overview of oil, gas and renewable energy performance across the GCC.

Natural gas production remained largely stable. Marketed natural gas output dipped slightly by 0.4%, reaching 442.0 billion cubic meters in 2024, down from 443.8 billion cubic meters in 2023.