Projection: Oil revenues of Saudi Arabia, UAE, Kuwait and Qatar to rise by 40%
Saudi Arabia, UAE, Kuwait and Qatar will register nearly US$ 200 billion in oil revenues by the end of 2005. This forecast was made by economic experts at Mena Consultants (menareport.com). According to this forecast, Saudi Arabia will post revenues of US$ 120 billion, UAE US$33 billion, Kuwait US$30 billion and Qatar oil revenues will amount to US$15 billion.
The 2005 figure is almost 40 percent higher compared to 2004. The projection indicates that the recent oil price hikes need to be kept in perspective. In real terms, current oil prices are well below its historical peaks. The oil export revenues of Saudi Arabia in 1980 stood at US$ 204 billion compared to about US$120 billion predicted for 2005.