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Saudi oil earnings higher than US GDP
- Saudi Arabia: Monday, June 16 - 2008 at 09:27
Oil revenues for Saudi Arabia, Kuwait and the UAE combined will be twice that of the US GDP if the high price of crude continues. If the annual average price hits $150, then the three countries will have a capital flow of $25.7 trillion, with $16.6 trillion going to the kingdom and the rest split evenly between Kuwait and the UAE. The GDP in the US, said Brad Bourland, Chief Economist and Head of Research at Jadwa Investment in Saudi Arabia, is $13 trillion. If the average price settles at $100, the three GCC countries will earn $17.2 trillion. The Saudis will reap $11 trillion, with the remaining money shared equally between Kuwait and the UAE. Although the price of oil is expected to dip on news that Saudi Arabia will increase production from July by 200,000 barrels a day, it is unlikely to fall to previous averages. But if it fell to $50 a barrel, the three states would still have a capital flow of $8.6 trillion.
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Rob Jones, Editorial DirectorMonday, June 16 - 2008 at 09:27 UAE local time (GMT+4)
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