Global oil and gas GDP contribution share 2023, by select country

Oil and gas producing countries in the Middle East are among those with the highest reliance on oil and gas for their economic performance. In 2023, Saudi Arabia attributed half of its GDP to oil and gas industry activity. Of the five countries with the highest oil and gas share in GDP, four were in the Middle East. By comparison, despite being the world’s largest oil producer, the oil and gas industry in the United States accounted for only eight percent of total GDP. 

The role of oil and gas in Saudi Arabia

The oil and gas industry is the single most significant contributor to the economy of Saudi Arabia. The country is home to the largest conventional oil field in the world, the Ghawar Field, and oil production reaches around 11.4 million barrels per day. Oil and gas exports are the country’s main means of income. Due to a lower domestic demand than its closest producing competitors, the U.S. and Russia, Saudi Arabia has remained the country with the highest value of oil exports. In 2023, oil exports brought in over 210 billion U.S. dollars. 

GDP growth amid a stagnating oil market

Oil prices and as such oil demand are the greatest determinant for the industry’s financial contributions. In 2024, a sluggish world oil market dampened prices for most of the second half of the year. This will likely be reflected in the fiscal year performance of major oil and gas entities such as Saudi Arabia’s Saudi Aramco and also impact GDP growth projections.