OAPEC lost $32 billion

Gulf petroleum sources told ArabicNews.com that the current increase of petroleum prices in international markets has revived the hopes of the Gulf and petroleum-producing states of compensating for financial losses accumulated since the decrease of petroleum prices at the end of 1997.

Sources said the losses that affected countries producing petroleum and members of OAPEC amounted to nearly $32 billion since the start of the prices' crisis in November 1997, through the end of last year.