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| Today: 09 February 2010 Time: 05:58 PM |
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| Third of oil revenues goes back to consumer countries - OAPEC |
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| Power & Materials 5/4/2008 4:55:00 PM |
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KUWAIT, May 4 (KUNA) -- The Organization of Arab Petroleum Exporting
Countries (OAPEC) said Sunday an estimated third of the cash surplus generated
from the oil exports of its members in 2007 went back to the consumer
countries.
The soaring prices of other imports of the oil exporting countries consumed
a great part of the cash surplus due to the plummeting of U.S. dollar, OAPEC
said in its monthly bulletin.
The regional cartel brought into question the claims about huge gains of
the oil exporting countries due to the recent price rise.
The oil prices grew by 13 percent in 2007 in contrast to the previous year
but the U.S. dollar lost 8 percentage points to the Euro and Pound Sterling
during that period, thus pushing the costs of imports of OAPEC member
countries, the bulletin explained.
The plummeting of the U.S. dollar also contributed to retreat of purchasing
power in oil producing countries and weakened the value of Arab investments on
the U.S. market which accounts for 70 percent of the overseas Arab investments.
The artificial rise of oil prices and retreat of the U.S. dollar exchange
rate against other major currencies raised anew the controversy over use of
the dollar as a pricing currency for oil.
Some oil exporting countries started reviewing their pricing systems, thus
arousing a state of wariness in the global oil markets over the future
developments, it went on to say.
The bulletin distinguished between two kinds of the dollar plummeting,
firstly; the retreat of the nominal value of the dollar resulting from the
soaring inflation rates in the United States in comparison with its trade
partners, secondly; the retreat of the real value of the dollar resulting from
the discrepancy in inflation rates.
The OAPEC members import 29 percent of their total imports from Euro zone
countries, so they were affected by the retreat of dollar against Euro
variably according to the degree of their respective trade exchanges with Euro
zone countries.
The OAPEC is following closely the economic developments and hopes its
members would be able to surpass the difficulties relating to the retreat of
the dollar and the purchasing power, the bulletin added.
Established by an agreement amongst Arab countries which rely on the
export of petroleum, the Organization of Arab Petroleum Exporting Countries
(OAPEC) is a regional inter-governmental organization concerned with the
development of the petroleum industry by fostering cooperation among its
members.
OAPEC contributes to the effective use of the resources of member countries
through sponsoring joint ventures. (end)
ahj.abd.gb.
KUNA 041655 May 08NNNN
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