ABU DHABI ø Gulf Cooperation Council states were expected to garner
record revenues in 2004.
Analysts said revenues would exceed $180 billion for the six GCC states
based on the rising price of oil. They said this would result in record
export and government revenues.
In 2003, GCC oil exports amounted to $145 billion, Middle East Newsline reported. Last week, the price
of oil exceeded $44 per barrel on world markets, a 25-year high.
"Record oil prices are leading to record government revenues," the
London-based Standard Chartered said in its quarterly report. "While Iraq
and regional security concerns may dominate the international agenda, the
local focus is resolutely on the current economic boom."