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Gulf to earn 1.3 trillion dlrs from oil in two years: report

KUWAIT CITY, June 21, 2008 (AFP) - The oil-rich Gulf Cooperation Council (GCC) states are projected to earn close to 1.
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3 trillion dollars in oil revenue in 2008 and 2009, a Kuwaiti economic report said on Saturday.
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The six-nation alliance -- Bahrain, Kuwait, Oman, Qatar, United Arab Emirates and Saudi Arabia -- earned 364 billion dollars from oil in 2007, the Al-Shall Economic Consultants said in its weekly report.

The GCC oil revenues are projected to reach 636 billion dollars in 2008 and 657 billion dollars in 2009, Al-Shall said.
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Oil powerhouse Saudi Arabia's earnings in the two years will be just under 700 billion dollars. The kingdom posted 194 billion dollars in oil revenues in 2007.
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The six states, which boast just less than half of the world's crude proven reserves, produce around 16 million barrels per day, or just under one-fifth of the world's consumption.

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