The energy fields in the Arabian Gulf are crucial to global oil production, holding a substantial share of the world's reserves and impacting global oil prices.
The energy fields in the Gulf Cooperation Council (GCC) countries are among the most significant production hubs globally, accounting for about one-third of the world's total reserves. These fields meet approximately 19% of the global oil demand, with natural gas production reaching around 444 billion cubic meters annually. Recently, the interruption of oil and gas production and maritime transport in the Gulf due to the US-Iranian-Israeli conflict, which escalated on February 28, 2026, led to a more than 30% increase in oil prices in Europe, particularly after QatarEnergy announced a halt in its liquefied natural gas production because of military attacks on its facilities.
