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Rolling in it
Opec oil ministers are happy with oil prices around $75 a barrel. Of course they are.
December 6, 2009 12:18 by Dana El Baltaji
Nevertheless, oil prices have remained buoyant at $75 a barrel since the beginning of November, which is a favorable price for regional governments. Most GCC nations have based their 2010 budgets on oil price forecasts ranging between $40 to $62 a barrel: Oman settled on a forecast of $50 a barrel; Iraq $62 a barrel; Qatar $40, although its fiscal year ends in April; and Kuwait $43 a barrel. Bahrain and Saudi Arabia have not announced their oil price forecasts.
In 2008, oil prices dropped dramatically, from $147 a barrel in July to $32 in December, stalling the GCC’s ambitious development plans, and forcing governments to readjust their 2009 budgets.
A report by the International Monetary Fund (IMF) published earlier this year said Gulf States will likely grow 5.2 percent in 2010. The organization based its forecast on an average oil price of $76.5 a barrel.
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