High oil prices benefit the Gulf countries

In recent months, as a result of high oil prices, the Gulf countries have made "windfall" through oil exports. In the past six months, the international oil price rose by nearly 40 US dollars per barrel. On February 20, the British Brent crude oil price approached 125 US dollars / barrel. The main reasons are: Western countries impose sanctions on Iran, the main oil-producing country of OPEC, for implementation of nuclear development plans, and the Middle East countries such as Iraq and Libya have reduced their oil exports due to turmoil.

Although a new round of economic recession may occur in 2012 to hit the global economy, sufficient petroleum dollars can allow Gulf countries to "develop" and invest in projects. Abu Dhabi economist Mohammad Amerah said that high oil prices will help the Gulf countries increase their reserves, implement development projects, and invest abroad through sovereignty.

With regard to the expected value of oil prices, the U.S. Bank of Merrill Lynch reported that oil prices will not drop sharply in the future, and Brent crude oil prices are unlikely to fall below 80 U.S. dollars. At the same time, since the global economic aggregate may increase to 92 trillion US dollars in the next 5 years, the oil price in 2016 may rise to 200 US dollars/barrel.