KUWAIT -- Five of the Gulf Arab states are expected to earn almost $34 billion in oil revenues during the second half of 1999 if oil prices stay at their current level, the Kuwait News Agency reported Tuesday.
Kuwait, Saudi Arabia, the United Arab Emirates, Qatar and Oman will post significant profits if oil prices remain in the range of $15.50 to $17 per barrel through the rest of 1999, and each country reaches its OPEC daily quota.
According to the state-run agency, Kuwait's share of the earnings is expected to be about $5.4 billion. The report, which did not reveal its sources, said top-producer Saudi Arabia would earn the bulk of the profit - about $18 billion. The UAE is expected to take in $5.7 billion; Qatar, $1.8 billion; and Oman, $2.4 billion.
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