(MENAFN) The Institute for International Finance (IIF) stated that in 2012, the GCC income from oil and gas exports grew by around USD42 billion to a record high of USD737.5 billion, reported Emirates 24/7.
The Washington-based institute said that the increase is attributed to higher oil prices and production.
The IIF added that oil prices reached their highest annual average of almost USD110 per barrel from around USD106 in 2011.
Meanwhile, most of the GCC states increased their oil output in 2012, with Saudi Arabia producing nearly 9.88 million barrels per day (bpd) from 9.24 million bpd in 2011, while the UAE pumped around 2.68 million bpd from 2.55 million bpd and Kuwait produced 2.78 million bpd from 2.57 million bpd.
Meanwhile, Oman increased its production to 0.81 million bpd from nearly 0.78 million bpd, whereas Qatar reduced its output to 0.8 million bpd from 0.81 million bpd.
It is worth noting that in 2011, the GCC's income from oil and gas exports was USD695.9 billion.