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Sept. 11 costs Gulf oil states
to the tune of $40 billion
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Special to World Tribune.com
MIDDLE EAST NEWSLINE
Friday, October 12, 2001
ABU DHABI Ñ The Gulf Cooperation Council expects a sharp drop in oil revenues
this year.
Industry sources said the GCC states also expect severe losses in the wake of
the suicide attacks in New York and Washington, Gulf experts said their
losses could total $40 billion.
The sources said the sluggish price of crude oil has already
affected forecasts for 2001. They said that in all the six GCC states are
expected to earn no more than $108 billion in oil exports.
Last year, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United
Arab Emirates earned $130 billion in exports. The GCC owns about 45 percent
of the world's reserves in crude oil.
Saudi Arabia is expected to be the largest earner with more than $60
billion in export sales. Last year, Saudi sales reached close $73 billion.
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