Gulf Cooperation Council economies energy prices will likely average $80
a barrel in 2011, says National Bank of Abu Dhabi, or NBAD, in a note Thursday.
"The primary driver of the GCC economies remains energy prices. The
average oil price (
Dubai
spot
- roughly the relevant benchmark for the region) assumed for our projections
for all GCC member states is $80 a barrel in 2011," the bank says.
It adds
the forecast is deliberately below consensus and represents a conservative main
case scenario as oil prices are expected to have limited further upside in the
near term due to OPEC surplus capacity, slipping OPEC compliance, and a desire
by
Saudi Arabia
to
maintain a stable market for oil.