GCC’s oil revenue at record high in 2012
From $695.9 billion in 2011, the collective oil and gas export earnings of the six Gulf Cooperation Council (GCC) countries climbed to a record $737.5 billion in 2012, according to the Washington-based Institute for International Finance (IIF).
Saudi Arabia’s oil export earnings swelled to around $351 billion last year from $326 billion in 2011 while the UAE’s income grew to a record high of nearly $124.7 billion from $119.2 billion in the same period.
In Qatar income rose to $107 billion from $104 billion ,In Oman to $35.9 billion from 34.6 billion and to $16.5 billion from $16.3 billion in Bahrain.
The Institute for International Finance (IIF) projected the GCC’s oil revenue to edge down to around $720 billion in 2013 and nearly $705 billion in 2014 but added they remain at their highest levels. It showed higher earnings boosted the GCC’s current account surplus to a record high of about $375 billion in 2012 from $328 billion in 2011.
The bulk of the increase was in the current account of the UAE and Saudi Arabia, with their surplus rising from $41 billion to $60.5 billion and from around $144.7 billion to $170 billion respectively, according to IIF.