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Crude Oil Production Value as a Share of Global GDP (1973–2024)

In 2023, crude oil production value accounted for 2.3% of global GDP, with an estimated 2.2% in 2024, both below the long-term average of 2.6% (2000–2023). This lower ratio reflects relatively subdued oil prices.

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Crude Oil Production Value as a Share of Global GDP (1973–2024)

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