Middle East oil producers will realize a windfall of about $44 billion in extra revenue this year from the rise in oil prices, an industry newsletter reported Wednesday.
OPEC Listener, an authoritative monitor of the 13-nation Organization of Petroleum Exporting Countries, said an "analysis shows OPEC countries will enjoy about a $44 billion windfall in estimated full-year 1990 oil income over 1989."As a result of oil prices doubling since Iraq's Aug. 2 invasion of Kuwait, the New York-based publication estimated 1990 oil revenues of the OPEC nations at approximately $148 billion.
It estimated Saudi Arabia's revenues will rise $16 billion, or 68 percent, over 1989 to nearly $40 billion for 1990.
In late October, the governor of the United Arab Emirates' central bank estimated OPEC's Persian Gulf producers were spending at an annual rate of $18 billion to support the U.S.-led multinational force assembled in Saudi Arabia and other nations in the gulf region to deter further Iraqi aggression.
Abdul Malik al-Hamar, the UAE governor, also was reported as saying the oil income of the nations making up the Gulf Cooperation Council would rise 43 percent to $60 billion in 1990.