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Crude oil exports from GCC to halve in 2015

by ChemOrbis Editorial Team -
  • 28/04/2015 (16:33)
According to media sources, crude oil and gas exports from GCC countries will halve in 2015 if oil prices more or less maintain their current levels. Crude oil prices on NYMEX settled 16 cents lower at $56.99/bbl yesterday.
Saudi Arabia and the rest of the GCC countries are likely to resist increasing pressure coming from smaller OPEC members to cut oil production in order to prop up prices.

Saudi Arabia’s deputy oil minister told media early this week that the country’s high oil production is down to the global demand’s state while adding that they aim to maintain their market share, respond to their customers’ needs and take care of market stability.

Exports from GCC are likely to drop from around $600bn in 2014 to $350bn in 2015, which will lead to a number of oil-producing economies to post large budget deficits, according to analysts.
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