Arabs to net record oil income in 2005

Arab states netted one of their highest oil incomes in 2004 and the revenues are projected to climb by a staggering $78 billion to peak at $280 billion in 2005, according to Dr Nicolas Sarkis, Director of the Paris-based Arab Petroleum Research Centre..

..” A reasonable price for oil is increasingly the price that has to be paid to encourage international oil companies and producing companies to invest. The era of abundant, cheap oil is well passed. A price of $60/b or more is needed for the development of new oil fields and alternative energy sources,” he said.

WAM