GCC to see $572bn record high oil revenues
- Middle East: Monday, September 10 - 2012 at 12:07
Saudi Arabia's National Commercial Bank (NCB) has said Gulf economies now seems firmly on track for historically high surpluses, Arab News has reported. NCB said the Institute of International Finance had estimated that the GCC countries can expect to reap record oil revenues of $572bn this year, compared with last year's $538bn. GCC producers have generally boosted their output levels, initially in response to production disruptions in Libya, and subsequently also in connection with the tightening sanctions on Iran, according to the report.
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