OAPEC: Oil income of Arab Countries increased to $104 billion in 1999
( MEBG) - The OrganiZation of Arab Petroleum Exporting Countries (OAPEC) said that a 42 percent rise in crude oil prices in 1999 led to its member states enjoying oil income of $104.1 billion income. This is the highest level of oil income since 1982, when revenues of $145 billion was reported.
As a result of the windfall, budget deficits the various states either disappeared or dropped sharply in 1999. Countries like Kuwait and Libya recorded positive growth rates after experiencing negative growth in 1998.