$80bn plan to raise oil output

Saudi Arabia is planning to invest $80 billion in increasing its oil output to 12.5 million barrels per day and expanding its refining capacity by 43 percent to six million bpd within the next few years, according to an economic report unveiled yesterday.

The report, which was issued by the Federation of GCC Chambers of Commerce and Industry, expects that the gross GCC domestic product will grow by 27.9 percent this year to reach $1 trillion with the increase in oil prices.