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flag GCC oil output dropped in 2024, yet remained dominant globally with strong GDP contribution and regional cooperation gains.

flag GCC oil production fell 5.4% in 2024 to 16.1 million barrels per day, with exports down 7.2%, yet the sector contributed $561.2 billion to GDP, maintaining dominance in global markets with 32.7% of world oil reserves and 21.8% of production. flag Natural gas output held steady at 442 billion cubic meters, and renewable capacity reached 14.2 gigawatts. flag Regional cooperation advanced through electricity interconnection, yielding $540.5 million in savings, while security operations led to five arrests over alleged espionage linked to Iran.

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