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 1.3 trillion dollars in oil revenue in 2008 and 2009, a Kuwaiti economic report said on Saturday.

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.

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. 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.