GCC oil revenues up by almost 16%
A fresh report published in Kuwait has indicated that oil revenues in GCC countries rose by 15.6% or the equivalent of US$ 63 billion over the past year to reach US$ 465 billion. The report issued by the Diplomatic Center for Strategic Studies in Kuwait conveyed that the average price of a barrel of oil rose to US$ 75 for the first ten months of 2010 compared to US$ 59 a barrel for the year 2009.
The report added that the 27% increase is expected to create in the GCC countries an economic growth of 9% at current prices in 2011. It should be mentioned that the prices of iol prices continue to rise with some experts predict a price of US$100 per barrel during 2011.