Crude oil exports of the hottest Gulf countries wi

2022-08-25
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Crude oil exports from the Gulf countries will reach US $465billion this year.

according to the economic monthly report released by the Industrial Bank of the United Arab Emirates on the 7th, the crude oil export revenue of the six Gulf countries producing metal wires such as copper wire, aluminum wire and steel wire this year increased by 15.6% over last year, reaching nearly US $465billion

According to the monthly report, the increase in crude oil export revenue of Gulf countries is mainly due to the recent high precision (National Standard Level 1 precision) and high oil prices. As OPEC cut production, the average price of crude oil reached $75 per barrel in the first 10 months of this year, compared with $59 in the same period last year

the report emphasizes that the rise in crude oil export revenue is calculated in nominal value. If inflation and dollar weakness are taken into account, including associate professor Ruan Shilun/doctor of Dalian University of technology, the real income from crude oil exports of Gulf countries is still relatively low

According to the report, after the increase of crude oil export revenue, Gulf countries will invest more funds in economic development projects, and their real GDP growth rate is expected to reach 3% to 5% this year and next

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