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According to projections for 2025, the total export volume of oil from all Gulf Cooperation Council (GCC) countries was **** million barrels per day. The leading oil exporting country of the region was Saudi Arabia, with a projected volume of over *** million barrels per day for 2025.

GCC and oil

Oil plays a central role across the Middle East, contributing significantly to the GDPs of GCC countries. Around half of Saudi Arabia’s GDP in 2023 was attributed to oil and gas production. Additionally, the kingdom is also the largest crude oil exporter worldwide, accounting for more than ** percent of the global export value in 2023. However, the GCC countries have actively pursued economic diversification to reduce their reliance on fossil fuels. 

GCC plans to go green

Countries in the region have set ambitious goals and devised plans for more resilient and sustainable economies. For instance, Saudi Arabia aims to reach a 50 percent non-oil gross domestic product (GDP) by 2030, a share that was around 16 percent in 2023. Similarly, the UAE and Oman have set a 30 percent target for their renewable energy share by 2030. While reaching these targets will be challenging due to their multifaceted nature, GCC countries have begun capitalizing on new diversification opportunities like digitization and AI. The potential annual economic impact of generative AI in GCC was estimated to be between 21 and 35 billion U.S. dollars.