GCC to reach record oil revenues of $ 572 bn

Gulf economies now appear fairly firmly on track for historically high surpluses, according to a new report from the National Commercial Bank (NCB). According to the Institute of International Finance had estimated that the GCC countries can expect to reap record oil revenues of $ 572 billion this year. Last year's intake was $ 538 billion. The GCC countries have enjoyed an exceptional fiscal windfall since the oil price rebounded from its lows of late 2008-early 2009, it said.