Oil price recovery will result in big gains in terms of government revenues for key GCC countries such as Saudi Arabia, UAE, Kuwait and Qatar, according to Institute of International Finance (IIF), a Washington based association of global financial institutions.
GCC’s aggregate current account surplus is projected to witness more than fivefold growth in 2021 to $109 billion from $20 billion in 2020.
The IIF has projected GCC’s hydrocarbon revenue to increase from $221 billion in 2020 to $326 billion in 2021.
“Our calculations show that for every $10/bbl in-crease in oil prices, hydrocarbon exports would increase by $40 billion in Saudi Arabia and $12 billion in the UAE,” said Garbis Iradian, Chief Economist, IIF MENA.
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