Oil states to reap record revenues from oil exports

Tuesday, August 10, 2004

ABU DHABI 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."

Copyright 2004 East West Services, Inc.

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