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GCC to earn $636bn from oil this year

Kuwait City, June 22, 2008

Gulf Cooperation Coucil (GCC) states are projected to earn $636 billion in oil revenues this year, a report said.

The group earned $364 billion from oil in 2007, Al Shall Economic Consultants of Kuwait said in its weekly report.

GCC oil revenues are projected to reach $657 billion next year, Al Shall said.

Saudi Arabia's earnings in the two years will be just under $700 billion. The kingdom posted $194 billion in oil revenues in 2007.

The six states, which have just less than half of the world's proven crude reserves, produce around 16 million barrels per day, or just under one-fifth of the world's consumption.




Tags: GCC | oil earning |

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