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.

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