Arab states lose $33 billion due to deterioration of petroleum prices

The revenues from petroleum exports in Arab member states of OAPEC went down to $76 billion dollars last year in comparison to $109 billion in 1997, a loss of 33 billion dollars, due to the deterioration of petroleum prices and a reduced international demand for petroleum which reflects negatively on the revenues of Arab petroleum exports.

Saudi Arabia achieved $31.9 billion (41%), which came in the first position followed by the United Arab Emirates with $10.2 billion, then Kuwait with $8.3 billion.

Total petroleum exports from Egypt amounted to $1.3 billion.