Global efforts to address climate change offer difficult choices for the oil- and natural gas-reliant economies of the Gulf Cooperation Council (GCC). While swings in commodity prices over the decades have led to calls for economic diversification, some countries are now planning in earnest how best to adjust to the prospects of peak oil demand as the world strives to meet Paris Agreement and Glasgow Pact goals and an increasing number of nations commit to net-zero carbon emissions by midcentury. The issue is no longer simply about volatility and cyclicality of the oil market but rather a secular, structural, irreversible decline in global oil consumption, and the choices facing producers to support their hydrocarbon-reliant economies are fraught with risk.