DUBAI, AUGUST 22 - Gulf oil producers are expected to earn a record $562 billion in 2008 as crude prices are projected to remain above $100 and they are pumping at one of their highest levels, according to new data from the London-based Centre for Global Energy Studies (CGES), reported by Wam news agency.
Accordingly, the combined oil export earnings of the six Gulf Cooperation Council (GCC) countries will soar to their highest level of $562 billion this year.
The UAE's income will swell to an all-time high of $97 billion while that of Saudi Arabia will surge to $307 billion and that of Qatar and Kuwait will peak at $89 billion and $32 billion respectively.
The income, it added, is nearly $234 billion above their 2007 revenues of $328 billion and more than four times their earnings of $137 billion in 2003. In 1998, the GCC's combined revenues plummeted to one of their lowest levels of around $56 billion after oil prices collapsed below $10 a barrel and averaged $12 through the year.
Leo Drollas, deputy manager of CGES said the revenue forecasts for the Gulf states and other Opec members are based on an average Opec basket price of around $110.8 this year compared with nearly $69 in 2007. Saudi Arabiàs output is projected at around 9.5 million bpd in 2008 while that of Kuwait and Qatar is forecast at nearly 2.6 million and 815,000 bpd respectively.
2008-08-22 19:01
Source: (ANSAmed).
Accordingly, the combined oil export earnings of the six Gulf Cooperation Council (GCC) countries will soar to their highest level of $562 billion this year.
The UAE's income will swell to an all-time high of $97 billion while that of Saudi Arabia will surge to $307 billion and that of Qatar and Kuwait will peak at $89 billion and $32 billion respectively.
The income, it added, is nearly $234 billion above their 2007 revenues of $328 billion and more than four times their earnings of $137 billion in 2003. In 1998, the GCC's combined revenues plummeted to one of their lowest levels of around $56 billion after oil prices collapsed below $10 a barrel and averaged $12 through the year.
Leo Drollas, deputy manager of CGES said the revenue forecasts for the Gulf states and other Opec members are based on an average Opec basket price of around $110.8 this year compared with nearly $69 in 2007. Saudi Arabiàs output is projected at around 9.5 million bpd in 2008 while that of Kuwait and Qatar is forecast at nearly 2.6 million and 815,000 bpd respectively.
2008-08-22 19:01
Source: (ANSAmed).
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