(MENAFN) Long-term outlook of the GCC countries remains positive and would not be impacted much by the decline in oil price, Saudi Gazette reported.
However, as the oil price is going southwards, major oil producers are still maintaining high production levels. Among GCC countries, Saudi Arabia has almost maintained its production level from 9.704 million barrels per day (mbd) in September to 9.69mbd in October.
International Energy Agency (IEA) showed that global oil requirement is expected to grow 104mbd in 2040, as compared to the present 90mbd.
conventional oil from the GCC, Iran and Iraq, and unconventional oil, such as: shale oil from the US and other sources, ultra-deep sea oil from Brazil, oil from tar in Canada, and oil from the Arctic region would be required.
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