Gulf oil revenues surge 84 percent in 2000

Published December 6th, 2000 - 02:00 GMT

Oil revenues of the six Gulf Arab states will rise 84 percent to $151 billion for 2000, up from $82 billion last year, Emirates Industrial Bank (EIB) said in a report published on Monday.  

 

The report also said the oil revenues of the 10 Opec producers, excluding Iraq, were set to reach $280 billion against $160 billion in 1999.  

 

The figures were based on calculations of the average oil barrel price and average output, EIB said, citing a 70 percent rise in the average barrel price to $29 this year from $17 last year.  

 

Opec’s price-band mechanism, which triggers an intervention if the price falls outside the $22-28 a barrel band for more than 20 consecutive working days, was “slow and does not reflect the dynamism of the global market”, EIB said.  

 

It predicted “major changes in global supply and demand” next spring.  

“Opec will then be required to draw scenarios based on expected developments rather than being taken by surprise,” it said. – AFP. 

(c)--Agence France Presse. 

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