GCC set for oil windfall as prices rise -GS

Gulf Cooperation Council (GCC) countries and Russia could enjoy large windfalls if oil prices rose to as much as $63 per barrel this year and $90 next year, Goldman Sachs analysts said, adding they saw brighter prospects for the Gulf Arab nations when compared with Russia.

Goldman's commodities research analysts have raised their oil price forecasts to $63/bbl from $50.5/bbl for 2009, and expect prices to reach $90/bbl in 2010, given intensifying supply constraints in the hydrocarbon sector and a likely return of demand.

While the six-member GCC and Russia are both battling the current downturn, Russia is at a much less favourable spot to gain from a return of the petrodollars, Goldman said.