Report says revenues will rise to $82 billion from $59 billion a year ago

Oil revenues of Gulf Arab states are expected to rise to $82 billion in 1999 compared with $59 billion last year, due to a sharp surge in world oil prices, an Emirates Industrial Bank report said on Sunday. The report, which was carried by the official WAM news agency, grouped oil revenues from Saudi Arabia, the United Arab Emirates, Qatar and Kuwait. Members of the Organization of the Petroleum Exporting Countries, excluding Iraq, were expected to reap $160 billion in oil revenues this year, compared with $121 billion in 1998. Oil prices have almost trebled since March this year, when producers agreed to deepen supply curbs and stick to their quotas more rigidly. The bank called on OPEC producers to adhere to agreed production cuts after they expire in March next year in order to maintain an average oil price of $21 a barrel in 2000. OPEC ministers are scheduled to hold a ministerial meeting at the end of March to map out future policy.