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Oil price will return to $95 by 2017: GCC Statistical Centre

GCC is world’s largest oil producer, with the sector contributing 45.9 per cent of GDP

The average price of crude oil will reach $95.4 per barrel by 2017, official estimates expect, taking into account that future oil contracts indicate a gradual decline in oil prices, according to a study by the GCC Statistical Centre.

The study notes that the contribution of the oil and gas sector to the GCC’s GDP at current prices is estimated at 45.9 per cent, Saudi based Alriyadh reports.

The average daily production of oil in the GCC reaches 17.2 million barrels, making it the largest oil producer in the world.

GCC Statistical Centre confirms that the oil and gas sector is still the leading sector of economic activity in the countries of the Cooperation Council for the Arab States of the Gulf, which contributes approximately 45.9 per cent of GDP.

The sector is followed by government services by 10.3 per cent, and the manufacturing sector by 9.4 per cent, then wholesale and retail trade, restaurants and hotels by 8.6 per cent.