$ 204 billion are Gulf states oil revenues

A recent Gulf study said that oil revenues for the states of the Gulf Cooperation council GCC reached for the current year WAS 204 billion, representing an increase at 46% in comparison with $ 140 billion of the figures of 2003.

The study which was published by the ministries of finance in the GCC said that there are possibilities of preserving this huge growth in the Gulf states during 2005 but this depends on several factors including preserving oil price stability at relatively high rates through the policies pursued by OPEC to maintain such level of prices.

The study expects that OPEC will resort during the coming phase to agree on a new ceiling for production if prices decline under agreed upon price with the growing share of Iraq which is expected to be increased when security is established in Iraq.