REGIONAL/GCC 

GCC Countries To Receive Record Oil Revenues Due To High Prices

Gulf Cooperation Council (GCC) countries are set to enjoy record oil revenues of up to $572bn in 2012, on the back of both high global oil prices and increased levels of crude oil production by the GCC to offset a supply shortfall caused by the tightening western sanctions on Iranian oil exports, the Institute of International Finance (IIF) said on 18 April. This figure, estimated with an average oil price...