The Middle East Oil Decade and Beyond by Gad G. Gilbar

Author:Gad G. Gilbar [Gilbar, Gad G.]
Language: eng
Format: epub
ISBN: 9781138883956
Barnesnoble:
Publisher: Taylor & Francis
Published: 2015-04-07T00:00:00+00:00

Source:

WB, World Tables 1983.

ARAB OIL REVENUES

Oil revenues received by the Arab oil-producing countries were considerable even before the 1973 energy crisis. In 1969 the oil incomes of the two leaders in the field, Saudi Arabia and Libya, came to more than a billion dollars each. However, these revenues cannot be compared with those attained in the boom years of 1973-82, when total income accruing to OAPEC members (Saudi Arabia, Iraq, Kuwait, Libya, the United Arab Emirates, Algeria and Qatar) from the export of crude oil was $865 billion (see table 4.2). Of these countries, Saudi Arabia had the highest income: $428 billion.

These incomes were in excess of both the immediate needs of these economies and the opportunities available to them for short-term spending on consumption and investment, with the result that these countries began to accumulate enormous monetary reserves. At the end of 1981, these reserves of the Arab oil economies totalled $321 billion, with Saudi Arabia’s reserves alone estimated at $160 billion.6

Table 4.2

OAPEC oil revenues, 1973-82 (billions of dollars)

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