Middle East Economic Survey
VOL. LII
No 9
2-Mar-2009
REGIONAL
Ernst & Young Estimates GCC Oil Earnings By 2020 At Over $4.7 Trillion
The Gulf Cooperation Council (GCC) states will earn $4.7 trillion cumulatively by 2020, assuming an OPEC targeted floor oil price of $50/B, according to the Global Megatrends 2009 report published by Ernst & Young. The figure is equivalent to 2.5 times their oil earnings over the last 14 years. Although the international financial crisis has affected the...
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