Report says revenues will rise to $82 billion from $59 billion a year ago
Published:
8 December 1999 y., Wednesday
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.
Šaltinis:
WAM
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Commission has authorised under EU state aid rules a €550 million capital injection and a €400 million guarantee in favour of the Austrian bank BAWAG. P.S.K. The Commission found the measures to be in line with EU state aid rules.
more »
EUROSTAT has reported that the sharpest annual decrease in hourly labour costs of -10.9% was observed in Lithuania in the 3rd quarter of 2009.
more »
Statistics Lithuania informs that, according to the Labour Force Survey data, the number of the unemployed in III quarter 2009 made 228.1 thousand.
more »
What has come to be termed as the "Great Recession" seems to have come to an end in the third quarter of 2009.
more »
The European Commission has authorised, under EU State aid rules, a measure adopted by Lithuania to limit the adverse impact of the current financial crisis on exporting firms.
more »
The schedule of Vilnius International Airport (VIA) is supplemented with 3 more new directions; the airline company airBaltic starts regular flights to Paris today, to Munich tomorrow, and to Berlin on Monday.
more »
The Governing Council of the European Central Bank (ECB) has decided to start the main construction works for its new premises in spring 2010.
more »
AB Bank SNORAS was granted the award from NASDAQ OMX Baltic Stock Exchange for the jubilee 15-year listing of the bank’s shares on NASDAQ OMX Vilnius Stock Exchange.
more »
Parex banka has established a subsidiary, SIA NIF, which will professionally manage assets that are not related to the Bank’s core business.
more »
Mariann Fischer Boel, European Commissioner for Agriculture and Rural Development, today put forward a plan to ensure that Greece will put in place the systems necessary to allow EU aid payments to be made to farmers.
more »